Villa Real Apartment Homes, the 163-unit apartment complex at 2701 Avenida de Anita, Carlsbad 92010, has been sold for $20.1 million.
The buyer was TMG Carlsbad Apartments LLC, c/o Triumph Properties Group LLC, 9601 Wilshire Blvd., Beverly Hills, CA 90210. AltaMont Investor LLC is the sole member of TMG Carlsbad, and Triumph Properties Group is the manager of AltaMont. Steven Feder is the manager of Triumph. The acquisition was financed with a loan of $17.65 million from Coamerica Bank.
The seller was Douglas P. Wilson, as receiver for Helix Assoc., a California limited partnership, pursuant to an order approving sale filed with the Clerk of the Court, Superior Court, county of San Diego, state of California on Oct. 19 (Case No. 37-2008-00064181-CU-PP-EC).
Cushman & Wakefield's Multifamily Advisory Group led by Ed Rosen, John Chu and Alejandro Lombrozo facilitated the transaction.
Helix Assoc. was a limited partnership that owned and operated the community for over 30 years. The two-story property was built in 1978, and consists one and two-bedroom units. The 15-building complex occupies more than 10 acres. Amenities include a pool and spa, fitness center, tennis court, racquetball court, on-site laundry facilities and covered parking. Triumph intends to immediately reposition the property with a renovation program that will include improved common area amenities and upgraded unit interiors.