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8/10/21
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Vintage at SLO, a 105-unit multifamily community in San Luis Obispo, was acquired by CA-based real estate investment firm IDEAL Capital Group for $51 mil, or $485.7k/unit. The property was sold by a joint venture between Capstone Commercial Properties and local developer and general contractor, Robbins | Reed.
Construction of Vintage at SLO was completed in 2021 on a 5.1-acre site at 3554 Ranch House Rd. The property is three miles from Cal Poly San Luis Obispo, a public university with an annual enrollment of approximately 22,000 students.
The 91.7k sf property is comprised of seven three-story buildings with an average unit size of 874 sf. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces.
Stew Weston, Dean Zander and Jef Henderson with CBRE represented the seller in the deal. According to Zander, the developer delivered a true best-in-class community, as evidenced by the rapid leasing velocity, lack of concessions and increase in rental rates throughout the lease-up period.
“As a firm located in the heart of California’s Central Valley, we recognize the long-term value growth and high barriers to entry of Central Coast real estate,” commented Kevin Conway, Managing Director at IDEAL Capital Group. “Vintage at SLO is an irreplaceable, high-quality asset located adjacent to technology companies, hospitals and Cal Poly San Luis Obispo.”
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