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Towbes Group Sells Seniors Community for $ 48 Million

Villa del Sol. Image courtesy of IPA

The Towbes Group sold Villa del Sol, an age-restricted community of 197 units in Santa Maria, California, for $ 48 million. Institutional Property Advisors represented the seller and procured the buyer, a private partnership based in California.

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 data from Yardi Matrix. Some units have a private balcony or patio and a walk-in closet. Community amenities include a swimming pool, fitness center, clubhouse and spa. Laundry facilities and 196 parking spaces are also available.

Located at 1311 W. Battles Road, the community is approximately 3 miles southwest of downtown Santa Maria and 2 miles northwest of the Western Village Mall. The Santa Maria Country Club and Waller Park are both about 3 miles to the southeast. Santa Maria is the largest population center and fastest growing city in Santa Barbara County, according to prepared remarks from Kevin Green, executive director of IPA.

Green, along with Senior Managing Director Joseph Grabiec and Executive Managing Director Greg Harris, negotiated the transaction.

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