The 318-unit, luxury garden-style property offers next-level amenities and signature design elements in a growing rental housing market
IRVINE, Calif. (December 5, 2023) – MBK Rental Living has successfully executed the sale of Azure, a 318-unit, luxury garden-style apartment community in Santa Maria, Calif. The sale represents the highest price per unit in Santa Maria for properties with more than 10 units.
Developed by MBK Rental Living and opened in September 2020, the luxury apartment community consists of 318 studio, one-, two-, and three-bedroom residences ranging in size from 406 square feet to 1,211 square feet. Residents enjoy open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless-steel appliances, quartz countertops, closets with built-in shelves, covered patios with storage rooms, and more. Shared amenities include a modern farmhouse-style clubhouse with an entertainment kitchen, two resort-style swimming pools surrounded by cabanas and a firepit, two spas, traditional and Santa Maria-style barbeque grills, a 24-hour fitness center, futsal sports court, Tesla charging stations, two playgrounds, dog park and pet spa, business center, and more.
Located on approximately 14 acres at 703 E. Meehan Street, Azure is surrounded by nearby shopping including the Enos Ranch shopping center, Costco, Lowe’s, Best Buy, Kohl’s, Target, Trader Joe’s, Walmart and Office Depot. Dining options in close proximity include In-N-Out Burger, Buffalo Wild Wings, and many popular restaurants serving famous Santa Maria-style barbecue. Residents also benefit from quick access to U.S. Route 101 leading to Santa Barbara, San Luis Obispo, Los Padres National Forest, Solvang, Los Olivos, 14 different wineries, and nearby beaches.
“We are grateful for the opportunity to have developed and leased up Azure in a market with growing demand for move-up rental housing,” said Ken McCarren, President of MBK Rental Living. “With the Santa Maria rental inventory shrinking as previously rented properties are sold to new homebuyers, high-quality apartments like Azure are in high demand. We are pleased to have completed this transaction and to know that Azure will continue to provide a valuable rental option for the community.”
Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), brokered the sale on behalf of MBK.
“Within a rapidly changing capital markets environment, our ability to source a noncontingent buyer de-risked the transaction significantly and the resulting outcome was mutually beneficial to all parties,” said Kevin Green, Executive Managing Director of IPA.
About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate LLC., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.
