The Towbes Group Sells Senior Community for $48M
The Towbes Group has sold Villa del Sol, a 197-unit age-restricted community in Santa Maria, Calif., for $48 million. Institutional Property Advisors represented the seller and procured the buyer, a California-based private partnership.
Built in 2018 on 5.5 acres, the seven-building property offers a mix of studios, one- and two-bedroom units, ranging from 404 to 756 square feet, according to Yardi Matrix data. Select units have private balconies or patios and walk-in closets. Community amenities include a pool, fitness center, clubhouse and spa. Laundry facilities and 196 parking spaces are also available.
Located at 1311 W. Battles Road, the community is some 3 miles southwest of the Santa Maria town center and 2 miles northwest of Western Village shopping center. Santa Maria country club and Waller Park are both some 3 miles southeast. Santa Maria is the largest population center and the fastest-growing city in Santa Barbara County, according to prepared remarks from Kevin Green, executive director at IPA.
Green, along with Senior Managing Director Joseph Grabiec and Executive Managing Director Greg Harris, brokered the transaction.