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5/29/14
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Vista Lane Apartments, a two-building, 150-unit apartment complex in Chula Vista, sold for $19.45 mil, or about $130k/unit. The complex is located at 1440 Second Ave, just north of Orange Ave and near Broadway, the area’s dominant retail corridor.
Situated within a park-like environment with numerous trees, green space and picnic areas, Vista Lane Apartments features controlled access entry, two swimming pools, two on-site laundry facilities, an on-site leasing office and ample open parking. The units, which average 671 sf in size, consist of a mix of 111 one-bedroom apartments, 38 two-bedroom apartments and one three-bedroom unit.
Every unit interior is well appointed with ceiling fans, a fully equipped kitchen, laminate countertops and flat-panel cabinetry. Several units have been upgraded with stainless steel appliances, microwave ovens and new lighting fixtures.
Nearby retailers include Costco, Walmart, Petco, Target, Michaels, Ross and Food-4-Less. Schools, parks and the Chula Vista Bayfront redevelopment project are also nearby. Upon completion, the Chula Vista Bayfront redevelopment project is expected to bring 2,000 jobs to the area. San Diego Gas & Electric park, 20-acre public park with soccer fields, a basketball court, picnic areas, gazebos and a children’s playground is less than a mile away.
Christopher J. Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller, the Kreutzkamp Revocable 2000 Trust, and the buyer, the Conrad Prebys Trust.
“Vista Lane Apartments is a stable, well-maintained, garden-style apartment complex with considerable value-add potential,” says Zorbas. “The property’s strong location in an area with limited sites available for new multifamily construction creates a clear opportunity to enhance revenue with the implementation of a proven value-add strategy.”
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