SANTA BARBARA – The Housing Authority of the City of Santa Barbara recently purchased a 1.34 acre property at 200 N La Cumbre Rd in Santa Barbara, a few blocks from State and La Cumbre, the city’s busiest intersection. The property sold for $4,250,000.
Rob Adams and Dylan Ward of Hayes Commercial Group represented the Housing Authority, while Kristopher Roth and Greg Bartholomew of Hayes Commercial Group represented the seller in the transaction.
The property is improved with four professional office buildings totaling 12,270 square feet that have been leased to primarily medical tenants over the years. The Housing Authority intends to operate the property as is for the near-term, with the long-term goal of redeveloping the property for affordable housing.
“Given the location and condition of the existing buildings, redevelopment for multifamily housing is really the highest and best use for the property,” Adams said. “Santa Barbara obviously needs affordable housing, so this is an ideal acquisition for the Housing Authority.”
“Private developers weren’t jumping at this opportunity because they couldn’t get it to pencil out for either new apartments or other commercial use,” Ward said. “The Housing Authority is in a unique position to take on a project like this and build housing that other developers are unlikely to pursue.”