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Two Chula Vista apartments sold for $77M

Two Chula Vista apartment communities totaling 406 units -- 223-unit Terra Nova Villas and 183-unit Canyon Villas, at 440 East H St. and 601 Telegraph Canyon Road, 91910, respectively -- have been sold for a total $77 million.

Canyon Villas (assessor's parcels 639-080-61) was acquired by Canyon Villas Investors LLC and First Class Canyon Villas LLC for $36 million, with Berkeley Point Capital LLC providing $28,425,000 loan.

BJ Creative Investment Holdings L.P. is the sole member/manager of First Class, with Barbara J. Meislin Trust and Jerome Meislin Living Trust as the general partners. Thomas J. Coates and Curtis S. Gardner are the managers of Canyon Villas Investors.

The apartment was constructed between 1980 and '82 on an 8.79-acre lot. The property was sold in February 1993 for $11.2 million.

Terra Nova (assessor's parcels 592-192-03 and 22) was acquired by SPE Terra Nova Villas Apartment Owner LLC, with Terra Nova Villas Apartment Owner LLC (Terra Nova) its manager. JSP Terra Nova Villas Investors is the manager of Terra Nova, and Thomas J. Coates and Curtis Gardner are the managers of JSP.

Both new owners are c/o Jackson Square Properties, LLC, 655 Montgomery St., Suite 1700, San Francisco, CA 94111.

The seller of both apartments was BRE Properties Inc., with Constance B. Moore as president and CEO.

Cushman & Wakefield's Multifamily Advisory Group led by Ed Rosen, John Chu and Alejandro Lombrozo handled the transaction for buyer and seller.

Terra Nova Villas, a two-story community, was built in 1985. The complex offers one- and two-bedroom units on 12.83 acres. Amenities include a pool and spa, fitness center, covered parking and on-site laundry facilities.

Canyon Villa, a three-story, 35-building complex was built in 1981. The property is comprised of one-, two- and three-bedroom units averaging 978 square feet.

Amenities include a pool and spa, fitness center, business center, in-unit washers and dryers and garages.

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