The Housing Authority of the city of Santa Barbara has announced the purchase of a 1.34 acre property at 200 N. La Cumbre Road.
The property includes four professional office buildings, totaling 12,270 square feet that had been leased to primarily medical tenants. The property is expected to operate as is for the near-term, with the long-term goal being redeveloping the property for affordable housing, said Ted Hoagland, marketing director of Hayes Commercial Group, which assisted in the transaction.
Hayes employees Rob Adams and Dylan Ward represented the Housing Authority, while Kristopher Roth and Greg Bartholomew represented the seller.
“Given the location and condition of the existing buildings, redevelopment for multifamily housing is really the highest and best use for the property,” Mr. Adams said in a statement. “Santa Barbara obviously needs affordable housing, so this is an ideal acquisition for the Housing Authority.”
Added Mr. Ward: “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. 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.”