$28M Apartment Deals Show Market Movement

[IMGCAP(1)]SAN DIEGO-Three complexes in San Diego County totaling 259 units have traded for an aggregate of $28 million in three separate deals showing some multifamily movement in an otherwise sluggish market. The properties are the 136-unit Rancho Las Brisas, the 67-unit Windsong Villas and the 56-unit University Terrace complex, according to Hendricks & Partners, which brokered all three of the sales.

[IMGCAP(2)]The Rancho Las Brisas, at 3699 Barnard Dr. in Oceanside, sold for $16.1 million to Lone Tree Empire LLC of San Francisco, report Steve Huffman and Dick Bassett of the San Diego office of Hendricks & Partners, who were the listing agents for the seller, Terra Las Brisas LLC of Evanston, IL. The complex consists of 11 two-story buildings on 7.24 acres.

The Hendricks brokers note that the units are above average in size, with 68 one-bedroom/one-bathroom units of approximately 815 square feet and 68 two-bedroom/two-bath units of approximately 1,015 square feet.

[IMGCAP(3)]The Windsong Villas, at 1202-1214 N. Broadway in Escondido, sold for $7.7 million to Encinitas-based Windsong Apartment Homes LP, with Huffman and Allen Chitayat, also of the San Diego office of Hendricks, representing the seller, San Diego-based Windsong Villas LP/Consolidated Equity LP. The buyer assumed an existing loan in the amount of $4.9 million.

The University Terrace complex, at 5704-5756 University Ave. in San Diego, sold for $4.5 million at a 7% cap rate to University Terrace, LLC/Montana Golden Hills LLC of Nevada City, CA. The sale was financed through the assumption of an existing Citibank loan of $3.1 million, notes Chitayat, who represented the seller. The buyer was represented by Chuck Zettl of Western Investments.