AppFolio building in Goleta sold
The three-building complex in Goleta that holds the AppFolio headquarters was sold, the commercial real estate firm CBRE announced Jan. 12.
The 165,905-square-foot campus at 50-90 Castilian Drive was sold to Shopoff Realty Investments and Praelium Commercial Real Estate for an undisclosed amount, CBRE said.
CBRE’s Sean Sullivan, Mike Longo, Todd Tydlaska and Will Pike worked with Steve Hayes and Francois DeJohn of Hayes Commercial Group to represent the seller, a joint venture between Montana Avenue Capital Partners and Brasa Capital.
An affiliate of Montana Avenue Capital Partners bought the property back in January 2020 for $35.7 million. No price for the latest sale was disclosed.
“The buildings and campus are spectacular and exactly what you expect from a growing software company that is continually recruiting tech talent,” Sullivan said in a news release. “While a relatively small market, pound for pound, Goleta has as much tech demand as anywhere in Southern California and, given the high cost of land and barriers to entry, it’s a very attractive place to invest.”
In July, CBRE and the Hayes team also worked together on the sale of ‘The Enclave’ in Carpinteria, which houses the tech companies ProCore and Continental.