Pine View Apartments, a 59-unit multifamily property in the North San Diego County city of Vista, sold for $14.1 mil ($239/sf). Built in multiple phases between 1964 and 1973, the same family has held ownership of the complex for decades.
Pine View Apartments covers over 3.5 acres and spans four contiguous parcels. Over the past 24 months, ownership has upgraded 13 units, most of which feature large balconies, patios, or yards with access to the community pool.
The asset includes 44 garages plus 70 surface and carport spaces. The property is adjacent to the Civic Center Vista SPRINTER light rail line station with direct access to employment centers along the I-78 Corridor, Cal State University San Marcos, and Oceanside harbor/beaches.
Peter Scepanovic and Corey McHenry with Colliers represented the buyer, Orsett Acquisitions LLC. The Von Bluecher Multifamily Group of Lee & Associates repped the seller, Orsett Pine View Apartments LLC.
“The transition of ownership creates an opportunity for the buyer to bring a fresh perspective and implement a renovation plan and new additions to amplify the value of this investment,” said Scepanovic.
In 1979, Bill Lee’s vision became reality when he opened the first office of Lee & Associates in Orange County, California. Every Lee office is owned and operated by the real estate professionals, all of whom benefit from the sharing of real-time market intelligence that is vital to the delivery of superior commercial real estate services. The unique service platform has attracted some of the most experienced and talented real estate professionals in the industry, all of whom share Bill’s original vision of superior service through teamwork.
