Two Apt. Communities Fetch $77M

CHULA VISTA, CA-Jackson Square Properties LLC has purchased two apartment complexes here from BRE Properties Inc. for a total of $77 million. The properties, Terra Nova Villas at 440 East H St. and Canyon Villa at 601 Telegraph Canyon Rd., were purchased in a value-add play.

Cushman & Wakefield‘s multifamily advisory group, led by Ed Rosen, John Chu and Alejandro Lombrozo, facilitated the transaction between the two parties. According to Rosen, “These transactions illustrate two key factors in today’s market: significant demand exists for value-add acquisition opportunities, and institutional owners have looked to reposition their portfolios with the disposition of older assets while pursuing newer product in core coastal locations.”