$42M Bid Wins 328-Unit Apartment Complex

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LOMPOC, CA-The 328-unit Windscape Village apartment complex has sold for nearly $42.3 million after attracting multiple offers for its location in an area where little or no new multihousing projects have been built in recent years because of restrictions on new development. Robin Ossenbeck of Hendricks & Partners reports that Windscape Apartment I LLC, an affiliate of Citrus Heights-based LeFever Mattson, bought the property from an affiliate of Beverly Hills-based Kennedy Wilson.

The complex, which consists of 36 two-story apartment buildings, is at 1300 N. L St. Ossenbeck, who brokered the deal, describes Windscape Village as “one of the largest apartment communities in a city where there has been virtually no new multifamily construction, with the exception of a small number of senior housing units.”

In addition, Ossenbeck notes, development of new apartments is limited because of restrictions imposed by the California Coastal Commission. Development is also limited because of local officials’ desire for slow growth.

Built in 1986, the complex features a mix of 152 one-bedroom units and 176 two-bedroom units ranging from 688 sf to 888 sf and spread out over 21 acres. Common area amenities include a leasing center, a clubhouse, a fitness center, two swimming pools, two spas, two tennis courts, a children’s playground and 50 detached garages.

The property was part of a portfolio sale that included a 208-unit complex called Country Oaks in Santa Maria that was reported on recently by GlobeSt.com. Osssenbeck notes that the buyer assumed a loan as part of the acquisition of Windscape Village.