MIG Real Estate LLC, a real estate investment company with assets across the Western U.S. and Sun Belt states, announced the acquisition of Waterleaf, a 456-unit apartment complex in Vista, California.
“MIG is excited for the opportunity to improve another community in North San Diego,” said Raul Alcaraz, multifamily acquisition manager for MIG Real Estate. “We plan to modernize the interiors, paint the exterior, and enhance the common areas.”
Built in 1985, Waterleaf consists of one- and two-bedroom floorplans. All units have 8’ ceilings and include a full-size washer/dryer, air conditioning, and balconies or patios. The low-rise garden-style property is situated along Hwy-78 in North San Diego County, offering easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park, and McClellan Palomar Airport.
The acquisition is the first for MIG in San Diego County since 2021, when it purchased Stone Arbor in Oceanside. MIG has been active in Southern California this year. In August, the firm acquired the 138-unit Newport Palms in Costa Mesa for $61.1 million, the second-highest-priced multifamily transaction for Orange County in 2023, according to brokerage data.
MIG purchased the property for $174 million. Walker & Dunlop represented MIG and the seller.