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VISTA, CA-Three locally based partnerships sponsored by R&V management have acquired a 460-unit apartment complex called the Bella Terra from Rreef for $69.5 million, according to Cushman & Wakefield brokers who negotiated the sale. R&V is an investment company that controls more than 5,000 apartment units in addition to and providing property and asset management services.

The sale demonstrates “the continued strength of the San Diego County multifamily rental market and long-term positive outlook for investors” despite the negative economic news of late, says Ed Rosen, executive director with Cushman & Wakefield. Rosen, along with John Chu and Alejandro Lombrozo of Cushman & Wakefield represented all parties involved in the Bella Terra sale.

The Bella Terra complex is located at 365 Pomelo Dr. in North San Diego County’s City of Vista. The three R&V Management-sponsored partnerships that bought the complex are Hillcrest Montecito LP, VLD Bonnie Brae LP and Vista Bella Terra LP.

The Bella Terra is situated just South of Highway 78 and West of Melrose Drive. Its units, in 20 two-stgory buildings, range from one to three bedrooms and measure from 700 sf to 1,160 sf. Amenities include two swimming pools and spas, an on-site club house, fitness and business facilities and a playground.

The sale of the Bella Terra occurred in a San Diego apartment market that is benefiting in some ways from the changing conditions in the region’s housing market, according to a mid-year report on the apartment market from Cushman & Wakefield. “The San Diego County apartment market dynamics continue to shift due to the mortgage crisis as well as the virtual halt in condominium conversions,” the report states.

Among other points, the report notes that San Diego “lacks affordable housing, and the residential market was far from overbuilt when the downturn began.” Home foreclosures are creating even moredemand for affordable options, and apartments are the beneficiary, according to the report.

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