45-Unit Apartment Complex Trades Hands in Vista

VISTA, CA-A 45-unit apartment complex in Vista has traded hands for $6.1 million, with buyers Phyllis and Bill Foster planning to hold the property as a long-term investment. The private investors have acquired the asset, known as Newport Vista Apartments, from seller Newport Terrace Partners LP.Built in 1990, the gated community stands on a 3.04-acre site that is located at 845 Newport Terrace. Amenities here include balconies, patios, 10-ft ceilings, and carports. The apartment units are comprised primarily of two-bedroom, two-bath designs, with 42 of those types of units in total. The remaining three apartments are one-bedroom, one-bath units.The buyers were impressed by the age of the asset, as “it is a little bit newer of a property,” Peter Scepanovic of Colliers International tells GlobeSt.com. Scepanovic, who acted on behalf of the buyers in the recent acquisition, says that they were also attracted to the unit mix and the North County location. “This particular building has historically had very low turnover and I think with a well-placed and operated building in Vista, you can do well,” Scepanovic says. He tells GlobeSt.com that “the multifamily market in Vista is good and improving on the operating side,” explaining that “vacancy rates are very low.” In addition, Scepanovic believes that “there is some upside for rents in this particular building, relative to the market.” In the recent transaction, seller Newport Terrace Partners LP was represented by Chris Zorbas of Marcus & Millichap. Financing was provided by Andrew Gilligan of Washington Mutual, who provided a loan of nearly $3.3 million to the buyers.