This article has been updated to include statements from The Cove’s Community Manager, Molly Garner.
The Cove, a new housing complex behind the Sierra Madre Villages on Ocean Meadows Lane, is set to open in fall 2025. According to the Cove’s website, the gated community will comprise 32 houses and can accommodate 1o-12 residents each.
The housing development currently has a leasing office in Isla Vista. Michelle Cisneros / Daily Nexus
The property is managed and owned by Cardinal Group Companies — a Colorado-based real estate developer that also manages The Loop Apartments in Isla Vista. The company primarily develops student housing and multifamily apartments.
Each house has five bedrooms with some having an additional “casita” that can house two more residents. By-the-bed rent will range from $1,394-$1,879, depending on the type of unit and add-on amenities such as a balcony and walk-in closet.
According to Molly Garner, community manager of The Cove, construction began in January 2024.
Isla Vista has faced a housing shortage for several years along with rising rent prices. In 2022, UC Santa Barbara was sued by Santa Barbara County for not providing enough housing to accommodate the rising student population. The University settled the lawsuit in March 2024 and is set to pay $3.7 million to the county and $2.3 million to Goleta. Now, the county is deliberating how to use the funds to build more housing.
An amendment to the sixth cycle of the Housing Element — Santa Barbara’s planning requirements for regional housing in 2023-2031 — requires the county to identify sites that can accommodate 5,664 new units in unincorporated parts of the county. As an unincorporated community — a community outside of any incorporated city’s direct jurisdiction — Isla Vista must adhere to this requirement.
“We’re excited to bring something completely unique to those living in Isla Vista. We hope that it both helps with the housing shortage in the area and also gets people excited about the housing options here,” Garner said.
A version of this article appeared on p. 6 of the Oct. 10, 2024 edition of the Daily Nexus.
