124-Unit Apartment Complex In Vista Fetches $24.2M
The 124-unit Mesa Garden apartment complex in Vista, CA, has sold to a locally based private investor for $24.2M, or $195k/unit. The complex at 800 East Bobier Drive is near the intersection of Vista Way and close to state Highway 76, I-78 and I-5; Mira Costa College; TriCity Medical Center; and The Triangle and Vista Village shopping centers, as well as a short drive to the Pacific Ocean.
“Northern San Diego County has been slow to recover, but has recently become one of the hottest submarkets in Southern California,” says The Mogharebi Group president Alex Mogharebi. He, along with TMG VP Otto Ozen, repped the seller, Pacific Development Partners. Alex says rents are soaring along the I-78 Corridor due to being near employment, strong local job growth and comparative affordability.
He says the complex had multiple offers and sold at 98% of asking price. The complex was partially renovated in 2015, and with the completion of renovations and the project’s high-end amenities, Alex says it will command rents competitive with new product.
Amenities include a pool, a spa, a sauna, a clubhouse, a billiard room, a fitness center, and basketball and tennis courts. Units feature plush carpeting or wood flooring, ceiling fans, dishwasher-disposals and refrigerators, and renovation is adding washer/dryer hookups in two-bedroom units.
