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.”
Terra Nova Villas, which offers 233 one- and two-bedroom units on nearly 13 acres, is a two-story walk-up community built in 1985. Amenities include a pool and spa, fitness center, covered parking and on-site laundry facilities. The complex is also located near shopping and restaurants and within easy access of Interstate 805.
Canyon Villa, composed of 183 one-, two- and three-bedroom units averaging 978 square feet, is a three-story community built in 1981. The complex contains 35 buildings and sits on more than 8 acres. Amenities include a pool and spa, fitness center, business center, in-unit washers and dryers and garages.
As GlobeSt.com previously reported exclusively, in October 2012 Third Avenue Plaza LLC sold the government office building at 765 Third Ave. here for $11.4 million to a Los Angeles-based private investor. The sales price for the 42,290-square-foot building equates to $270 per square foot.