We are pleased to present a rare combined offering in the heart of Isla Vista: a stabilized, fully renovated student housing portfolio seamlessly integrated with an entitled development site. This irreplaceable parcel, located just two blocks from the University of California, Santa Barbara (UCSB), provides a unique solution to one of the most challenging aspects of real estate development  carrying costs. Investors can immediately collect substantial income from the existing 22 units, offsetting much or all of the holding expenses typically associated with development. This built-in income hedge mitigates risk, enhances returns, and allows positive cash flow from day one through the entire development timeline. Component I: Existing Multifamily Portfolio  22 Fully Renovated Units The income-producing portion consists of 22 fully renovated units (48 beds) across two contiguous buildings at 759 Embarcadero Del Mar and 6587 Cervantes Road. Together, the properties total approximately 12,757 square feet of gross building area on ±28,560 square feet of allocated lot area. The portfolio will be delivered 100 percent leased through the 2025-26 academic year, generating approximately $950,000 in gross income. Both properties underwent comprehensive renovations in 2023, including major system replacements, fully remodeled kitchens and bathrooms, in-unit laundry installation, and exterior upgrades. Durable finishes, modern amenities, and professional management creating an operationally stable, turnkey asset ideal for student housing. Component II: Development Site  27-Unit Entitled Project Adjacent to the multifamily portfolio, 6589 Cervantes Road occupies approximately 15,000 square feet and is entitled for a 27-unit, ±22,677 square-foot four-story podium building with 27 on-site parking spaces. The approved unit mix  24 one-bedrooms and 3 two-bedrooms  is designed to maximize rent per bed in a market defined by severe undersupply and consistent demand. While fully entitled, the project is not yet Ready-to-Issue (RTI); the buyer will complete the remaining plan check and permitting before construction can begin. McCarthy Companies, a highly experienced regional general contractor, has estimated hard costs at approximately $10.4 million, with total all-in costs (including soft costs, fees, and contingencies) projected at approximately $14.4 million. At pro forma rents of $4,150 for one-bedrooms and $6,500 for two bedrooms, the building is projected to generate an NOI of $1,025,392 and stabilize at a value of $20.5 million (5.00% CAP). Future Vision - Upon Completion Upon completion of the development, the buyer will control a premier, institution-quality student housing asset totaling 49 units and 75 beds across three contiguous buildings in the heart of Isla Vista  all on a single, irreplaceable parcel two blocks from UCSB. Without taking into consideration rent growth, the combined portfolio will bring in approximately $2.43M+ in annual gross income and about $1.8M+ in annual net operating income. This unified portfolio will deliver long-term cash flow, appreciation potential, and unmatched scale in one of California's most supply-constrained and consistently high-performing rental markets. Location Overview - Isla Vista & UCSB Isla Vista is one of California's most dynamic and resilient rental markets, defined by overwhelming tenant demand and exceptionally high barriers to entry. Home to over 25,000 students, UCSB consistently ranks among the nation's top public universities yet provides limited on-campus housing. This imbalance creates a deep, stable tenant pool for off-campus rentals, driving near-zero vacancy rates and premium rents. Nearly all housing is within walking or biking distance to both campus and the beach, enhancing the area's lifestyle appeal. Regulatory constraints, limited land, and political challenges make new development exceedingly rare, cementing Isla Vista's status as a true landlord's market.