Deal
Stories

With over 500 career transactions under our belt, we’ve had the privilege of serving a diverse clientele, each with their distinct wants and needs. Recognizing the individuality of every buyer and seller, we tailor our services to suit the unique characteristics of each property while considering the current market environment. At Beachside Partners, we thrive on challenges, leveraging our expertise to navigate complexities and seize opportunities. Our curated selection of deal stories offers a glimpse into the craft of our negotiations and the dedication behind each successful transaction.

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811 Paseo Camarillo

NICK, JON & LORI  |  SELLER REPRESENTATION

  • Address: 811 Paseo Camarillo
  • City: Camarillo, CA 93010
  • Complex: Hacienda De Camarillo Apartments
  • Type: Multifamily
  • Units: 73 Units
  • Price: $23,100,000
  • COE: April 2023

8 Buildings totaling 73 units with 5 floor plans set on nearly 3 acres. This generational asset features an ideal unit mix with 74% 2-bedroom apartments in 5 floorplans with a pool, spa, onsite laundry room and clubhouse. Central Camarillo location near Camarillo Premium Outlets as well as two major shopping centers, CSU Channel Islands, Camarillo Business Center Office Park and easy 101 FWY access. Ownership significantly upgraded 2 of the 8 buildings while the remaining buildings are in need of a significant renovation budget. The 40% in place vacancy factor poses both a challenge and an opportunity for a new operator. Very rare value add opportunity for Buyer to complete the remodel of the remaining buildings, quickly attain market rents on the 30 vacant units and obtain major rental rate upside on the 43 occupied units.

THE DEAL STORY: Nick Henry, Jon Standring & Lori Zahn closed the largest multifamily property transaction in Ventura County YTD 2023 with the recent all cash sale of the Hacienda de Camarillo Apartments, a 73-unit apartment community set on nearly 3 acres in the city of Camarillo. Through its position as the top Ventura CO multifamily sales company Beachside Partners was able to beat out several competing brokerage firms both based locally and out of Los Angeles to secure the listing.

THE CHALLENGE: The challenge on this transaction was navigating a quickly escalating interest rate environment combined with a property with a 40% vacancy factor in need of a major capital improvement budget. Ultimately marketing efforts procured 75 signed NDA’s, 20 property tours and 7 offers. The Sellers, longtime owners, were pleased with the winning bid which separated itself with an all cash “as-is” clean terms offer sheet.”

 

610-618 Castillo Street

JON & LORI  |  SELLER REPRESENTATION

  • Address: 610-618 Castillo Street
  • City: Santa Barbara, CA 93101
  • Type: Multifamily
  • Units: 8 Units
  • Price: $6,850,000
  • COE: 9/9/2021

 

This complex consists of two APN’s and a total of 8 units.  The first APN consists of a 4BD Home & (2) 2BD/2BA Units. The second APN consists of (2) 2BD/2BA, (2) 2BD/2.5BA & (1) Cottage. Each Unit has its own garage and storage.

Beachside Partners is proud to announce that we have successfully sold 610-618 Castillo Street! Jon Standring & Lori Zahn represented the seller and broke a record by achieving a sale price of $856K/Unit! This is the highest ever sale price achieved for a 5+ unit property that doesn’t have a mixed use component in the city Santa Barbara! The property was listed for $6,950,000 and sold for $6,850,000.

This trophy asset consisted of two APN’s with a total of 8 units and was constructed in 2020. One of the challenges that potential investors pushed back on was the “market” rental rates for these newly constructed units.  The marketing package showed a pro-forma income of $38,350 per month. Lori and Jon assisted the out of town agent and buyer by successfully helping lease and deliver the property fully occupied at $39,000 per month  This is an example of how Beachside Partners goes above and beyond for our clients!

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8-Duplex Portfolio in Goleta

JON & JASON  |  SELLER REPRESENTATION

  • Address: 7392 Chapman Pl  |  7379 Chapman Pl | 7336 Lowell Way | 7374 Davenport Rd  |  7373 Davenport Rd | 7392 Elmhurst Pl | 7376 Elmhurst Pl | 7372 Freeman Pl
  • City: Goleta, CA 93117
  • Type: Duplex
  • Units: 16 Units (8 duplexes)
  • Price: $13,500,000
  • COE: 2024

Portfolio of Towbes-built duplexes in highly sought-after Goleta locations, each with the added potential for an ADU (Accessory Dwelling Unit). Each duplex presents a versatile unit mix consisting of three and two bedrooms and large floor plans ranging from 2,430 SF to 2,840 SF. Situated in University Village near UCSB and the Goleta tech center, these duplexes enjoy proximity to Girsh Park, Santa Barbara Shores Park, picturesque beaches, and the vibrant Camino Real Marketplace with its array of shops and restaurants.

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THE DEAL STORY: In 2021, Beachside Partners initiated our first conversation with Tagole, LLC. Over the years, we maintained consistent communication, keeping the managing members informed about market conditions and providing insights into their portfolio. In late 2023, we delivered an updated Broker Opinion of Value (BOV), and ownership expressed a desire to strategize the sale of their entire portfolio—eight duplexes marketed to a single buyer.

We launched the offering in early 2024, and it quickly became evident that market conditions favored buyers interested in purchasing the properties individually rather than as a portfolio. Beachside Partners strategically revised our approach, and within 45 days of launching, seven of the eight duplexes were under contract, each exceeding the asking price with minimal contingencies. Over the following 60 days, we managed six escrows with five different buyers and their agents, ensuring all transactions closed smoothly and efficiently. The final duplex remained available until the other seven had closed, but ultimately, a 1031 exchange buyer purchased the remaining property. In the end, Beachside Partners achieved over $1.5 million above the original list price of $11,995,000, resulting in a total sellout of $13,500,000 for Tagole, LLC.

“After owning 8 duplexes for nearly 50 years, our Family decided it was time to sell. As the Units were all within a 4 block area, we were concerned that flooding the market all at once would artificially depress net proceeds. In selecting our Agent, we wanted someone that was well connected in the Residential and Investor Communities, had unquestioned integrity, and could bring to us a customized solution to maximize value. Jon Standring of Beachside Partners delivered on all fronts. Jon was incredibly responsive, a great listener and quickly transitioned from an “Agent” to a “Trusted Advisor”. Working together, we were able to be extremely nimble to “get to yes” with potential buyers culminating in exceeding our expectations both in sale proceeds and the time it took to sell the entire portfolio.” TAGOLE LLC

528 W. Los Olivos Street

NICK & JON  |  BUYER & SELLER REPRESENTATION

  • Address: 528 W. Los Olivos Street
  • City: Santa Barbara, CA 93101
  • Type: Multifamily
  • Units: 28 Units
  • Price: $7,800,000
  • COE: 8/1/2019

 

The complex features 28 units over 4 buildings on a 0.86-acre lot. Unit mix is (28) 1BD/1BA apartments.

THE CHALLENGE: Having held the property in their family for 35 years selling was not an easy decision for the many siblings that inherited this well located property near Cottage Hospital. While the property held great upside potential deferred maintenance and well below market rents presented a challenge towards obtaining a successful sale without a Buyer’s attempt at renegotiation once in escrow.

THE SOLUTION: A strategy was made in order to allow potential Buyers as much information as possible upfront including making several reports available along with 2 property showings in which many of the units were made available to be seen. After a successful marketing campaign and 2 property tours that generated significant interest 5 offers were obtained. Of those 5 only 1 offeror, a client of Beachside, was willing to submit a fully non contingent offer with deposit pass through up front. This gave the Sellers confidence that the sale process would be smooth and successful which it was. Significant improvements were made to the property by the new owner which created significant demand amongst local young professional tenants.

THE BEACHSIDE EDGE: Jon and Nick beat out 2 competing local brokerage companies to win the listing and delivered for the Seller with multiple offers and a non contingent as-is sale.

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509 Fig Ave & 514 Chapala St

JON  |  BUYER REPRESENTATION

  • Address: 519 Fig Avenue & 514 Chapala Street
  • City: Santa Barbara, CA 93101
  • Type: Multifamily
  • Units: 17 Units
  • Price: $5,150,000
  • COE: 2/17/2023

17 units spread out over two parcels and 8 buildings in the heart of downtown Santa Barbara. Features (8) Studios, (2) 1BD/1BA, (2) 2BD/1BA, and 3BD/2BA.

THE PROPERTY: Nestled in an exceptional downtown Santa Barbara locale, boasting a remarkable WalkScore of 98, this property enjoys a prime location, surrounded by a multitude of shopping, dining, and distinguished local attractions, such as The Funk Zone and West Beach. The property consists of 12 studios and a triplex situated at 509 Fig Ave, complemented by a duplex located at 514 Chapala St. This unique configuration of units presents an exceptional opportunity for value-add investors or developers seeking to capitalize on the burgeoning demand for high-quality rental properties in the area. Additionally, the property features only three below-market units that are currently tenanted, with a range of conditions amongst the vacant units.

THE DEAL STORY: The Santa Barbara real estate market is known for its high competition, especially for value-add apartments situated in prime locations. At Beachside Partners, our extensive network of brokers and industry experts allows us to identify and seize upon exceptional investment opportunities. Thanks to these strong relationships, Jon was able to successfully facilitate the timely acquisition of a highly coveted property in downtown Santa Barbara, which features an enviable location.  Under the strategic guidance of Beachside Partners, our experienced team demonstrated precision and expertise in navigating this fiercely competitive market. Despite facing over a dozen other offers, we were able to secure the deal, ensuring that our client was able to take advantage of this lucrative value-add investment opportunity.

9905 El Camino Real

NICK & LORI  |  BUYER REPRESENTATION

  • Address: 9905 El Camino Real
  • City: Atascadero, CA 93422
  • Type: Multifamily
  • Units: 22 Units
  • Price: $3,250,000
  • COE: 9/15/2020

1982 Built 22-unit complex with large units spread out over 4 buildings and set on 2 acre park-like setting. Features (8) 3BD/2BA units at 1,250 SF each and (14) 2BD/1.5BA apartments each over 900 SF.

THE CHALLENGE: Upon the property being marketed on Loopnet on July 3rd Nick and Lori immediately knew it was a fantastic opportunity that would not last long. Despite it being only 6 months into COVID demand at the time for quality buildings such as this with a major value add component remained high.

THE SOLUTION: On day 1 of the property coming to market Lori and Nick quickly gathered all available information, underwrote the asset and recommended their experienced syndicator client change his holiday plans and promptly visit the property in person. A good rapport was developed with the other agent and, based on the client’s strong track record, a deal was put together at the end of the long weekend before competing parties could pounce. At a 5.6% CAP rate on actuals and only $141/SF with 50% upside in rents the Buying group was thrilled at the opportunity and over the next 2 years began to realize the major upside available. Proving his belief in the asset Nick invested his own commission to the deal as an investor.

THE BEACHSIDE EDGE: By maintaining solid relationships with the Buyer, utilizing strong negotiating and underwriting skills, along with jumping on the opportunity day 1 Nick and Lori were able to beat out interested parties and secure a major win for the Buyer and their investor clients.

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Client Testimonials

"Jon Standring & Nick Henry of Beachside Partners did an incredible job in representing our family when we were ready to sell our 28 unit apartment building in Santa Barbara. We had interviewed a number of commercial real estate agencies, both large and small, and we decided on Jon & Nick."
Lim Family Trust
"Lori Zahn is truly a professional. She is knowledgeable, honest, thorough, thoughtful, emotionally intelligent and punctual. She is well respected and dependable. She led and saw through a complex transaction on my behalf and I am grateful."
Kurt Motamedi
"Nick and Lori are hard-working, resourceful and experienced real estate advisors. We have only had excellent experiences with them, through multiple transactions."
Bart Stern
“Jon with Beachside Partners was hired to sell multiple investment properties for our trust and exceeded all expectations. All assets were sold efficiently & Jon’s expertise was clearly above and beyond. I highly recommend Beachside Partners for being one of the best at selling investment properties in Santa Barbara County.”
Glen Cain
"As a long term residential real estate agent I had high expeditions for Nick Henry in listing our 38 unit apartment building in Ventura. He did not disappoint."
Totten Family Trust
“Jon Standring with Beachside Partners was highly effective in his ability to help us on multiple 1031 properties in Santa Barbara. His diligence and expertise is an advantage for any real estate investor who wants to successfully close in a competitive marketplace. We highly recommend Jon and look to continue doing business with Beachside Partners as we grow our real estate portfolio.”
Lezak Family
"Jason Liehr is a consummate professional. He not only took the time to understand our business objectives and long-term goals, but his market knowledge and expertise in framing our offer for the off market transaction of our grocery store was essential to getting the deal done and our success. It was a pleasure to work with someone so attuned to the local community and businesses network. We are grateful to have worked with Jason and highly recommend him.”
Lisa Oglesby
"Lori and Jon at Beachside Partners are what every investor dreams of experiencing with a brokerage. We completed both a purchase and a sale with them and both times they expertly handled all the many details and also took time to share their personal experiences and expertise of the market. It is clear that they desire their clients to be successful in all aspects of property ownership. Their knowledge as investors, the contacts they provided and ability to execute is impressive and made the whole process incredibly pleasant and flawless. John and Lori are rare in that they are both sincerely kind while also handling the finer sides of negotiations that move the deal forward. They are the dream team."
Zargo Invest
"Jon Standring of Beachside Partners delivered on all fronts. Jon was incredibly responsive, a great listener and quickly transitioned from an “Agent” to a “Trusted Advisor”. Working together, we were able to be extremely nimble to “get to yes” with potential buyers culminating in exceeding our expectations both in sale proceeds and the time it took to sell the entire portfolio."
Larry Abramson
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128 E. Carrillo Street, Santa Barbara, CA 93101

© 2024 Beachside Partners, Inc. DRE#02001768 All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified.