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6/21/17
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Alexan Melrose, a 410-unit, Class A apartment community in the northern San Diego suburb of Vista, was purchased for $134 mil ($327k/unit) free and clear of existing debt by MG Properties Group. The asset was sold by Trammell Crow Residential and its joint venture partner.
Alexan Melrose is situated on approximately 20 acres at 1401 North Melrose Dr, about seven miles from beachfront recreation and close to two full-service grocery stores, downtown Vista Village and Del Oro Marketplace. Completed in 2015, the three-story, garden-style community has one-, two- and three-bedroom units averaging 985 sf with best-in-class finishes such as quartz countertops in the kitchens and baths, European-style cabinetry, stainless steel appliances, hardwood-style flooring, in-unit washers and dryers, soaking tubs and attached garages and carports.
Community amenities include a resort-style pool and spa with cabanas, fire pit and grills; state-of-the-art fitness facility with kids’ entertainment suite; lounge with kitchen, billiards and gaming system; clubhouse with gourmet kitchen, coffee bar and flat screen TV; dog park and dog washing station; community garden; and outdoor tot lot. The community is 97 percent occupied.
Hunter Combs and Sean Deasy with HFF represented the seller in the transaction. The acquisition was financed with an $85 mil, 10-year-fixed-rate Freddie Mac loan arranged by Bill Chiles and Scott Peterson at CBRE.
“This was a unique opportunity to acquire 410 highly-amenitized, transit-oriented units in the supply constrained submarket of Vista,” Combs said. “Alexan Melrose is well-positioned for long-term growth resulting from its strategic location along the North County Sprinter line, giving residents a convenient commute to emerging downtown Vista and Cal State San Marcos. Additionally, the property is near two of the State Route 78 corridor’s top employment hubs, Oceanside and Vista, with approximately 30,000 highly skilled jobs within industries such as life science, pharmaceuticals, action sports and information and communication technologies.”
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