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11/15/19
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Hollister Creek Village Apartments, a 46-unit multifamily property in Nestor, CA, was acquired for $10.7 mil ($232.6k/unit) by Equity Four Properties LLC, a subsidiary of Viewpoint Equities Inc. The buyer assumed an existing loan in favor of Freddie Mac.
Located at 945 Hollister St, about 12 miles south of downtown San Diego, Hollister Creek Village was originally built in 1986 and consists of all two-bedroom/two-bathroom units. Each unit is approximately 1k sf and features walk-in closets, private outdoor areas, in-unit washer and dryer and air conditioning. Community amenities include a spa, swimming pool and picnic area.
Hollister Creek Village sits on a 1.63-acre site that is adjacent to the I-5 Fwy, which connects Nestor to the rest of San Diego County. The property is within two miles of two popular neighborhoods parks, Otay Valley Regional Park and Montgomery-Waller Community Park. Less than four miles west of the apartment complex is Imperial Beach, the most popular beach in South San Diego.
Allen Chitayat and Nate Pepper of CBRE represented the buyer in the transaction. Tim Mills, also with CBRE, repped the seller.
South San Diego County has experienced heightened investor interest due to the recently approved Chula Vista Bayfront Development, the largest coastal development project in Southern California,” said Chitayat. “Many other factors have contributed to the growth of this submarket, including the $1 bil Navy SEAL campus in Imperial Beach, the industrial development in Otay Mesa and proximity to the International Border with Mexico, which helps create regional economic activity of approximately $205 bil annually.”
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