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7/18/24
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Gelt Venture Partners LLC (GVP) has acquired Rancho Hills Apartments, a 148-unit multifamily property in Vista, for $53.5 mil, or $361.5k/unit. Built in 1986, the property is located at 856 Heatherwood Lane, southwest of Hwy 78 and north of Sycamore Ave.
The garden-style property consists of 10 two-story buildings situated on 7.33 acres. It includes a unit mix of 56 one-bedroom units and 92 two-bedroom units with floor plans ranging from 553 sf to 909 sf in size. The recently upgraded units include washer/dryers, quartz countertops, stainless steel appliances, and private balconies/patios.
The property offers residents a highly coveted location within Shadowridge, a 450-acre master-planned community which is home to one of San Diego County’s top school districts. It is also is centrally located within a 40-mile radius of three major job hubs including downtown San Diego, the Inland Empire, and South Orange County.
The property features lush green belts, a new clubhouse and fitness center, pool and spa, and a gas barbeque area, and is adjacent to the 4.6-acre Shadowridge Park which includes basketball courts and children’s play areas. The asset is also near Shadowridge Golf Club and provides quick access to the 78 Corridor.
The seller recently conducted an extensive capital improvement program for the unit interiors. To increase curb appeal, Gelt plans on enhancing the property’s exterior by painting the buildings and balconies with a contemporary color scheme, redoing all landscaping, and adding resort-style furniture in the pool area, among other improvements.
“This was an ideal opportunity for Gelt to acquire a value-add asset within the thriving San Diego market,” said Keith Wasserman, a Partner with GVP. “Over recent quarters, the region has hovered around 95% apartment occupancy and rents continue to grow as new supply over the past 12 months has been just 1%, with much of the development focused in the downtown core.”
Rachel Parsons, Derrek Ostrzyzek and Mike Murphy represented both GVP and the undisclosed seller.
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