Santa Barbara, California – Published 3/14/2014
Noozhawk: Bizhawk: Sale of Harbor Heights Manor Apartments Sets Santa Barbara Record
By Gina Potthoff, Noozhawk Staff Writer
| The Harbor Heights Manor apartment complex on Cliff Drive in Santa Barbara has sold for more than $33 million, which is the largest sale of multifamily property recorded to date in the city. (Radius Commercial Real Estate & Investments photo)
Santa Barbara has set a new real estate record with the sale of the Harbor Heights Manor apartment complex on Cliff Drive.
The 97-unit complex at 801 Cliff Drive sold for more than $33 million when escrow closed in January, making it the largest sale of multifamily property in the history of the city and the largest on the South Coast since 2010, according to Radius Commercial Real Estate & Investments, which handled the sale.
A local, unnamed investor purchased the property from the Schulte family, longtime Santa Barbara residents who had owned the buildings since it was constructed in 1971.
Harbor Heights Manor, located close to Santa Barbara City College, went on the market last August and swiftly garnered several inquiries and offers from prospective buyers around the country, according to Radius.
The buyer paid over the asking price, with no contingencies, but Radius wouldn’t disclose the final purchase price.