VISTA, CA-GlobeSt.com has exclusively learned that Melrose Vista Apartments LLC, who is affiliated with Zephyr Partners, has closed on the purchase of a 407-unit apartment site on 21 acres in Vista, CA. The site is located near the Southwest corner of Melrose Dr. and Oceanside Blvd.
Matt Weaver, Marc Dudzik and Rusty Williams with Lee & Associates-North San Diego County represented the buyer. Weaver, Dudzik and Williams also represented the sellers, Calvary Chapel of Vista and Hamann Inc.
Zephyr entitled the project and ultimately assigned the transaction to Trammell Crow who intends to build 407 apartments on the 21 acres. Malcolm Davies of George Smith Partners represented Trammell Crow in the assignment.
While sources could not disclose further purchase price or financial information by deadline, GlobeSt.com leans that originally, a 3.5-acre portion of the site had been on the market for industrial use. The entire 21-acre site was a part of general plan update in the area for high density residential development—making the property an attractive real estate option for apartment developers due to its close proximity to the Sprinter Station, according to Lee & Associates.
“It is difficult to find large attached projects in North County San Diego in good locations like this site,” according to Weaver. “There is strong demand for entitled sites and this transaction is emblematic of that.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
