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Deal of the Week - Sale

SF firms buy, sell apartments

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

The deal was the sale of 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, for a total $77 million.

The new owners are entities of Jackson Square Properties LLC, of San Francisco.

Canyon Villas was acquired for $36 million, with Berkeley Point Capital LLC providing $28,425,000 loan.

The three-story, 35-building complex was constructed in 1980-82 on an 8.79-acre lot. The property was sold in February 1993 for $11.2 million.

Terra Nova was acquired for $41 million, with a $32.3 million loan from Berkeley Point.

The two-story community, was built in 1985 and offers one- and two-bedroom units on 9.44 acres.

The seller of both apartments was BRE Properties Inc., of San Francisco.

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