The 106-unit Vista Capri North apartment complex in Kearny Mesa at 3277 Berger Ave. and 8021 Donzee St. in San Diego 92123, has been sold for $14,350,000.
The buyer was Vista Capri 106, a California limited partnership, 2249 Ulric St., San Diego 92111. Whitewater Sands LLC, is the general partner of Vista Capri and Michael Contreras is the managing member of Whitewater.
The acquisition was financed with a loan of $9.35 million from JPMorgan Chase Bank (NYSE: JPM) at 3.32 percent fixed for five years.
The seller of the property (assessor's parcel 427-070-37) was Essex JMS Acquisition L.P., a California limited partnership, successor by conversion of JMS Acquisition LLC, and successor by merger to John M. Sachs Inc. The buyer is an entity of Essex Property Trust Inc. (NYSE: ESS), with Adam W. Berry as the senior vice president.
According to recorded documents, the property cannot be converted to condominiums and must remain a rental until Jan. 31, 2024.
The apartment consists of 22 two-bedroom units and currently renting for $1,300, and 84 one-bedroom units renting for $1,150 per month.
The buyer had sold four smaller properties in the South Bay and utilized a 1031 exchange to move that equity into Vista Capri, which is across the street from Sharp Hospital.
Douglas W. Simmons, director of Apartment Realty Group (ARG), brokered the sale and coordinated the 1031 for the buyers.
The building totals approximately 51,800 square feet. It was constructed in 1977 on a 2.36-acre corner lot. The property was renovated in 2009.
The sale was for $135,377 per unit and $277.03 per-square-foot.
The price represented a GRM of 9.90 and a cap rate of 5.76 percent.