VISTA, CA-GlobeSt.com has exclusively learned that Melrose Vista Apartments LLC, who is affiliated with Zephyr Partners, has closed on the purchase of a 407-unit apartment site on 21 acres in Vista, CA. The site is located near the Southwest corner of Melrose Dr. and Oceanside Blvd.
Matt Weaver, Marc Dudzik and Rusty Williams with Lee & Associates-North San Diego County represented the buyer. Weaver, Dudzik and Williams also represented the sellers, Calvary Chapel of Vista and Hamann Inc.
Zephyr entitled the project and ultimately assigned the transaction to Trammell Crow who intends to build 407 apartments on the 21 acres. Malcolm Davies of George Smith Partners represented Trammell Crow in the assignment.
While sources could not disclose further purchase price or financial information by deadline, GlobeSt.com leans that originally, a 3.5-acre portion of the site had been on the market for industrial use. The entire 21-acre site was a part of general plan update in the area for high density residential development—making the property an attractive real estate option for apartment developers due to its close proximity to the Sprinter Station, according to Lee & Associates.
“It is difficult to find large attached projects in North County San Diego in good locations like this site,” according to Weaver. “There is strong demand for entitled sites and this transaction is emblematic of that.”