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July 16, 2019
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MULTIFAMILY NEWS
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Investor Pays Over $1 Mil Per Unit for Res Property in Rancho Santa Fe

5/13/19

Westminster School District paid $5.1 mil for Villa La Serena, a five-unit apartment/condominium complex located in Rancho Santa Fe, CA. The price works out to $1.02 mil per unit.

Villa La Serena is located at 6177 El Tordo. Built in 1989, the property is a condo-mapped apartment building. All units came fully furnished.

Villa La Serena is just steps from Rancho Santa Fe Village and is located in The Covenant, which is one of Rancho Santa Fe’s most sought after areas within Rancho Santa Fe in North County San Diego. The Covenant boasts an extensive network of private trails expanding nearly 60 miles and are only exclusive to Covenant residents and their guests. With the exclusivity, residents get to enjoy an array of activities, events and clubs including the regions finest golf and tennis clubs.

The Rancho Santa Fe Golf Club, named as one of the top 20 best golf venues by Golf Digest Magazine, is the centerpiece of The Covenant historic and prestigious community. It is exclusive to property owners within the perimeters. The Rancho Santa Fe Golf Club is a spectacularly endowed “natural” golf course that was carved from the rolling terrain of a eucalyptus forest and is surrounded by bucolic trails and beautiful estates.

The western border of Rancho Santa Fe is about five miles from the ocean and about 20 miles from downtown San Diego. Rancho Santa Fe is an affluent town with an average household income of over $178k and the average housing price of $2.54 mil.

Steve Gim, Steve Heri, CCIM, and David Knowlton, SIOR, CCIM, with NAI Capital represented the buyer in the deal. According to NAI Capital, in addition to being condo-mapped, this investment provides the buyer the opportunity to sell off individual condos with the option of retaining as many as they wish as apartment rentals.





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