Preferred
Author: Diana Heeb Bivona
Pacific Capital Management has sold its 252-unit Estancia Apartments at 3350 N. Durango Drive to Preferred Financial Corporation for $35.64 million, or approx. $141,429 per unit, at a cap rate of 5.24%.
Built in 1999, the 249,875-square-foot apartment complex consists of 28 buildings. The unit is comprised of six studios, 96 one-bed/one-bath units, 132 two-bed/two-bath units and 18 three-bed/two-bath units.
This was the seller’s downleg in a 1031 exchange and the buyer’s upleg in a 1031 exchange.