Located at 3522 Vista Way, the property consists of 20 two- and three-story buildings, which contain a total of 280 one-bedroom, one-bath and two-bedroom, two-bath units. The complex is currently 96% occupied. Amenities include a tennis court, two pools, spa, fitness center, patios and private garages. In addition, CT Realty plans to add on-site storage facilities and a playground as part of the planned renovation project, which will also entail unit interior upgrades and landscaping renovations.

CT Realty and the seller, ArchonResidential of Dallas, were represented by David Casper and Bruce Furniss ofthe Los Angeles office of Hendricks & Partners, both formerly with Grubb &Ellis Co. Financing was provided by Cargill Financial and CT Realty's California Fund II and III.

U.T. Thompson III, chairman of CT Realty, says the newly acquired property is a "terrific representation" of the multifamily product that the firm is interested in purchasing. CT Realty is hoping to increase its activity in the San Diego market by buying this type of well-located product that offers value-added potential, Thompson adds.