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Deal of the Week - Sale

CasaLago EastLake in Chula Vista sell

The Deal of the Week was the sale of the 427-unit CasaLago EastLake Apartments in Chula Vista for $142.5 million to The John Hancock Insurance Co.

The seller of the property was Olympic Pointe West Communities LLC, an entity of Resmark Equity Partners.

The property was originally a joint venture of ColRich Communities and Resmark.

The apartments are along multiple locations at 2815-2820 Cielo Circulo, 1626 Paseo Carina, and along Olympic Parkway and Wueste Road.

The approximately two-year-old CasaLago features one- to three-bedroom floor plans from 808 to 1,187 square feet. The complex has 79 one-bedroom units, 183 two-bedroom units and 165 three-bedroom units.

The CoStar Group (Nasdaq: CSGP) pegged the starting asking rents from $1,755 for the one-bedroom unit, $2,282 for the two-bedroom unit and from $2,463 for the three-bedroom unit.

CasaLago's amenities include two clubhouses, lounge and pool areas, whirlpool spas, a grilling area for outdoor barbecues, conference rooms, a business center, fitness areas, wireless access and a movie theater.

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