Real Estate
Vista Apartment Complex Sells For $174M In 2nd Highest Such Transaction This Year
The sale in Vista represents the second-largest multifamily transaction in the region. The purchase price breaks down to $381,578 per unit.
October 6, 2023
Walker & Dunlop, Inc. has announced that it completed the $174 million sale of Waterleaf, a 456-unit apartment community in North County.
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The sale in Vista represents the second-largest multifamily transaction in the region in 2023. The purchase price breaks down to $381,578 per unit.
The largest transaction is Allina La Jolla, which sold at $177.3M in University City.
Find out what's happening in San Diegowith free, real-time updates from Patch.
The Walker & Dunlop Investment Sales team represented the seller, MG Properties Group, and the buyer, MIG Real Estate. The buyer was able to assume the loan in place at the property.
“We are thrilled to secure a suitable price for our client despite the ever-changing economic environment,” said Hunter Combs, managing director of Investment Sales at Walker & Dunlop.
He called San Diego “a top institutional metro, with a commanding 50% market share in California and a leading 14% share nationally for transactions exceeding $150M year-to-date.”
He added that “a significant driver” of San Diego’s market strength is its leading position in rent growth, outperforming all California markets and ranking fifth nationally at 5.1% this year.
“This speaks to the exceptional durability of San Diego’s market fundamentals and tenant base,” he said.
Waterleaf Apartment offers a luxury living space with one- and two-bedroom apartments. Amenities includes two fitness centers, a resort-style pool, co-working lounge, playground and basketball court.
The property is minutes from downtown Vista. Additionally, Waterleaf’s location is just off state Route 78, giving residents immediate access to major employment hubs in the county, specifically along the 78 corridor, including Vista, Oceanside, Carlsbad, San Marcos and Escondido.
Walker & Dunlop is a leader in multifamily property sales, having completed nearly $20 billion in property sales volume in 2022. The firm is also one of the top providers of capital to the U.S. multifamily market. Over the same period, Walker & Dunlop originated $44 billion in debt financing volume, including lending over $36 billion for multifamily properties.
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