The New Tahitian Apartments, a 63-unit building in Isla Vista, has been sold to an investor in the region for $14.3 million.
The deal is the largest sale of a multi-family property on the South Coast so far this year, according to a news release from Santa Barbara-based Radius Commercial Real Estate & Investments, which represented the seller in the transaction. Prudential California Realty’s Monarch Beach office represented the buyer.
According to Radius, the sale of the New Tahitian, located at 6739 El Colegio Road., is also the largest sale of a multi-family property in Isla Vista since 2010, when the Tropicana Del Norte Apartments sold for more than $37 million.
Escrow closed on the apartment complex on June 13.