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9/23/21
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OC-based Dunbar Residential Investments LLC paid $13.6 mil for Sunset Cliffs Apartments, a 52-unit ($261.5k/unit) gated rental community in Vista. The property, comprised of a mix of single-story cottage and two-story townhome style units in 11 buildings, was sold by Appian Lane Associates LP.
Located at 180-200 Terrace Dr and originally built in 1987, Sunset Cliffs Apartments sits on a large lot totaling 4.06 acres in a private gated setting. The community consists of 28 one-bed / one-bath cottage style units, 23 one-bed / one-bath two story townhouse style units, and a one-bed / one-bath cottage style unit with an attached office.
Property amenities include an on-site gym, clubhouse with kitchen, covered carports and on-site laundry. All units also have in-unit washer and dryer or hook ups, and patios or balconies. The cottages have enclosed patios and in wall air conditioning units. The property also features unique circular walkways around the cul-de-sac shaped property.
The location is near the intersection of S Santa Fe Ave and Civic Center Dr, with quick access to Hwy 78, midway between Interstates 5 and 15.
Mark Bridge and Jon Mitchell with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented both parties in the transaction.
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