(To read more on the multifamily market, click here.)

CHULA VISTA, CA-EastLake, a master-planned community in Chula Vista, may soon have the addition of a 494-unit luxury apartment community. Escrow closed last month on approximately 30.5 acres at the eastern end of Olympic Parkway where Windstar Communities, the residential division of San Diego-based Nexus Properties, will add its new multifamily venture to EastLake, which, upon completion, will be composed of 8,900 residential units and 22,000 people.

Windstar, along with Prudential Real Estate Investors, has named the proposed community that will consist of one-, two- and three-bedroom units Windstar Pointe Resort. Once complete, Windstar will boast a fully-amenitized common area, a movie theatre, clubhouse, exercise facility and two swimming pools.

The acreage, which was purchased from the EastLake Co., a wholly owned subsidiary of Los Angeles-based J.G. Boswell Co., is located near the recently opened, 1.15-million-sf lifestyle regional shopping center Otay Ranch Town Center. Windstar's location also allows for panoramic lake views of Otay Reservoir.