Why This L.A. Firm Is Investing in San Diego

Barach: “The barriers to entry in San Diego are very high.”

SAN DIEGO—Vista Investment Group studied the San Diego market for a number of years, making sure that if it made an investment in this region, the company would be as successful as it is in other markets, the firm’s president Jonathan Barach tells GlobeSt.com. The firm recently acquired the 80-unit La Mesa Palms multifamily community at 4300 Echo Court here for $18.97 million, marking the Los Angeles-based real estate investment company’s entry into the San Diego market. The seller was a private family investor that had owned the property for more than 40 years.

The garden-style apartment complex consists of 20 four-plex buildings with spacious two- and three-bedroom units that average 1,100 square feet. The property was 92.5% occupied at the time of closing. Vista will implement a multi-million-dollar capital-improvement program that will begin with upgrading the buildings’ exteriors and grounds, as well as the interior renovation of vacant units. Unit upgrades will include quartz countertops, vinyl-wood-plank flooring, and stainless-steel appliances. Other units will be renovated as turnover permits, according to Barach.