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1/17/14
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Vista Capri North, a 106-unit apartment community in Kearny Mesa, sold for $14.35 mil, or $135.4k/unit. The property is located at 3277 Berger Ave and 8021 Donzee St, north of Mesa College Dr between I-805 and the 163 Fwy. Situated across the street from Sharp Hospital, this mid 1970's constructed property is comprised of 22 two-bedroom units and 84 one-bedroom units.
Doulas W. Simmons with Apartment Realty Group represented the buyer, a local San Diego private investor facilitating a 1031 exchange. The seller was Essex Property Trust.
In another San Diego-area multifamily deal, from the end of last year, investors traded Park Vista Apartments, a 31-unit asset located just over one acre at 700 Alta Vista Drive in Vista. Originally constructed in 1964, the property features nine, one-bed/one-bath units and 22, two-bed/one-bath units. The property sold for $4.23 mil, or $136.5k/unit.
Aaron Bove, Vice President Investments and Aaron Wilkinson, investment specialist at Marcus & Millichap, represented the sellers, Mr. and Mrs. Laurence & Carla Lusvardi. The buyers, Mr. and Mrs. William and Katherine Loveland, were repepd by Bove and Tyler Leeson, also with M&M. The property was purchased all cash and completed the buyer’s 1031 exchange.
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