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Westwind Trades Hands for $107,692 Per Unit

VISTA, CA-Gene M. Jones of Santa Monica acquires the 39-unit apartment asset from locally based MG Westwind Apartments LP. Built in 1989, the complex stands at 171-180 Nettleton Rd. in Vista.

By Erin Cassin | Updated on June 08, 2004

VISTA, CA-With the voracious demand for San Diego County multifamily product showing no signs of abatement, another apartment property has recently traded hands here. Buyer Gene M. Jones of Santa Monica has acquired the Westwind apartment complex in Vista from locally based MG Westwind Apartments LP for $4.2 million, which translates to $107,692 per unit.Built in 1989, the apartment complex stands on two separate parcels located at 171-180 Nettleton Rd. It is comprised of stucco buildings that house a total of 11 studios, 27 one-bedroom apartments, and one two-bedroom unit. Rents here range from $710 to $950 per month. All units feature dishwashers, refrigerators, ceiling fans and air conditioning. At the time of sale, Westwind was approximately 97% occupied. Exterior amenities here include two laundry facilities, a swimming pool, 43 single garages and 14 parking spaces. In the recent transaction, Jules Arthur and Steve Huffman from the San Diego office of Hendricks & Partners acted on behalf of the buyer. They also represented MG Westwind Apartments. San Diego County apartment product continues to top investors’ lists, with multifamily assets regularly trading hands for more than $100,000 per unit. In a recent report by Burnham Real Estate, the firm’s researchers sampled 599 sales countywide and found that 347 of those transactions studied – which equates to 58% – fetched more than $100,000 per unit.

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