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6/12/14
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Vista Lane Apartments, a two-building, 150-unit multifamily complex in Chula Vista, recently sold for $19.45 mil, or about $129.7k/unit. The property is located at 1440 Second Ave, just north of Orange Ave and near Broadway, the area’s dominant retail corridor.
The unit mix consists of 111 one-bedroom apartments, 38 two-bedroom units and one three-bedroom apartment. They average 671 sf in size. 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.
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. 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.
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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