Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Sycamore Hills Village, 155-unit multifamily asset in Vista, California. The property sold for $59.5 million, or $383,870 per unit.
“The acquisition of Sycamore Hills Village provides the new owner with an opportunity to continue adding value to an impeccably maintained multifamily asset in a high-growth submarket with limited new deliveries and construction, despite strong demand and lack of supply,” said Christopher J. Zorbas, IPA executive managing director investments. Zorbas, IPA’s Alexander Garcia, Jr. and Gary Weddle represented the seller, a tenant-in-common partnership consisting of eight entities, and procured the buyer, Walz Properties. “Vista’s population has grown by 8 percent since 2010, a rate higher than the San Diego region as a whole,” noted Garcia.
Sycamore Hills Village is located less than 10 miles from the Pacific Ocean along North San Diego County’s 78 Corridor between San Marcos and Oceanside, two of the fastest-growing cities in the region. The 78 Corridor is home to 644,943 residents, 260,000 employment opportunities, and 21.3 million square feet of commercial, retail, and industrial space, including high-tech manufacturing and research and development. The main campus of Palomar College, and California State University, San Marcos are within five miles of the community. “The 78 Corridor has seen a recent spike in sales activity with each of the assets that sold attracting strong investor activity and extremely competitive bidding,” noted Weddle.
Built in 1990 on 12 acres, the 17-building property is composed of 85 two-bedroom/two-bath units and 70 three-bedroom/two-bath apartments. Select units have recently received new kitchen cabinets, quartz countertops, stainless-steel appliances, and modern flooring. Community amenities at Sycamore Hills Village include a heated swimming pool with a sundeck, a whirlpool spa, picnic and playground area, gated controlled access, and a clubhouse with a fireplace, kitchen, and wireless internet.