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June 15, 2024
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MIG Real Estate Closes $174 Mil Apartment Buy in Vista


In a significant SoCal multifamily buy, MIG Real Estate LLC purchased Waterleaf, a 456-unit apartment complex in Vista, for $174 mil ($382k/unit). MIG plans to modernize the interiors, paint the exterior, and enhance the common areas.

Built in 1985, Waterleaf consists of one- and two-bedroom floorplans. All units have 8í ceilings and include a full-size washer/dryer, air conditioning, and balconies or patios. The low-rise garden-style property is located at 333 North Emerald Drive in Vista along Hwy-78 in North San Diego County, offering easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park, and McClellan Palomar Airport.

The acquisition is the first for MIG in San Diego County since 2021, when it purchased Stone Arbor in Oceanside. MIG has been active in Southern California this year. In August, the firm acquired the 138-unit Newport Palms in Costa Mesa for $61.1 mil, the second-highest-priced multifamily transaction for Orange County in 2023, according to brokerage data. In March, MIG acquired Gifford Business Park in San Bernardino, a 156.7k sf, seven-building industrial site in the Inland Empire, the nationís fastest-growing industrial market.

Walker & Dunlop represented MIG and the seller in the transaction.

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