Berkadia Institutional Solutions Completes $82M Sale of a Multifamily Property in Chula Vista, California
CHULA VISTA, Calif. – March 14, 2024 – Berkadia Institutional Solutions announced today the sale of Terra Nova Villas, a 233-unit apartment community in Chula Vista, California. Senior Managing Directors Rachel Parsons and Derrek Ostrzyzek, and Senior Director Mike Murphy of Berkadia Institutional Solutions completed the $82 million sale on behalf of the seller, Jackson Square Properties. The buyer was Pacific Urban Investors and the deal closed on March 8.
“Chula Vista is one of the fastest growing cities in California and Terra Nova Villas provides the new owner with the incredible opportunity to capitalize on the region’s rapid expansion by repositioning the property and capturing substantially higher rents,” said Parsons. “Not to mention the immediate access to countless jobs, lifestyle destinations, and an incredible neighborhood growth story that positions this deal as one of the most compelling value-add offerings of this cycle.”
Located at 440 East H Street, Terra Nova Villas was built in 1985 and offers spacious floorplans, averaging 787 square feet and feature stainless steel appliances, oversized closets, vaulted ceilings on the second-floor units, and in-unit washer and dryers in the two-bedroom units. The property is comprised of 16, two-story walk-up residential buildings and a separate one-story building that includes a leasing center, business center, and fitness center. The property also offers a pool area, dog park, and two playgrounds.
Terra Nova Villas is situated on the south side of East H Street off Interstate 805 and is located adjacent to the 301,000 square foot Terra Nova Plaza shopping center. The property is surrounded by over 3.3 million square feet of office space and 8.6 million square feet of industrial space from the Chula Vista submarket alone and is within twenty-five minutes of other prominent employment hubs including Downtown, Kearny Mesa, Mission Valley, and UTC.
Berkadia Closes $82M Chula Vista Multifamily Deal | Connect Commercial Real Estate
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Pacific Urban Grows San Diego Footprint With $82M Buy | Multi-Housing News