Wednesday, June 11, 2014

$19.45 Million Buys San Diego County Apartment Complex


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


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