 |
| Vista Lane Apartments, 1440 Second Avenue Chula Vista, CA |
CHULA VISTA, CA – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, today announced the sale of Vista Lane
Apartments, a two-building 150-unit apartment complex in Chula Vista,
Calif. The $19,450,000 sales price equates to $129,667 per unit.
Christopher
J. Zorbas, a first vice president investments in Marcus & Millichap’s
San Diego office, represented the seller, the Kreutzkamp Revocable 2000 Trust,
and the buyer, the Conrad Prebys Trust.
“Vista
Lane Apartments is a stable, well-maintained, garden-style apartment complex
with considerable value-add potential,” says Zorbas.
“The property’s strong
location in an area with limited sites available for new multifamily
construction creates a clear opportunity to enhance revenue with the
implementation of a proven value-add strategy.”
 |
| Christopher Zorbas |
The
complex is located at 1440 Second Ave., just north of Orange Avenue and near
Broadway, the area’s dominant retail corridor, in Chula Vista, Calif.
Nearby
retailers include Costco, Walmart, Petco, Target, Michaels, Ross and
Food-4-Less. Schools, parks and the Chula Vista Bayfront redevelopment project
are also nearby.
Upon completion, the Chula Vista Bayfront redevelopment
project is expected to bring 2,000 jobs to the area. San Diego Gas &
Electric park, 20-acre public park with soccer fields, a basketball court,
picnic areas, gazebos and a children’s playground is less than a mile away.
Situated
within a park-like environment with numerous trees, green space and picnic
areas, Vista Lane Apartments features controlled access entry, two swimming
pools, two on-site laundry facilities, an on-site leasing office and ample open
parking.
The residences average 671 square feet. The unit mix is 111
one-bedroom apartments, 38 two-bedroom units and one three-bedroom apartment.
Every unit interior is well appointed with ceiling fans, a fully equipped
kitchen, laminate countertops and flat-panel cabinetry. Several units have been
upgraded with stainless steel appliances, microwave ovens and new lighting
fixtures.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment