John Chu and Ed Rosen, executive directors with Cushman & Wakefield's San Diego Multifamily Advisory Group, represented both parties in the Deal of the Week.
The deal was the sale of the 456-unit Waterleaf Apartments at 230 Grapevine Road and 333-365 N. Emerald Drive, Vista, for $86.2 million.
The buyer was Waterleaf LL LLC, a joint venture of TruAmerica Multifamily and Investcorp International Inc., of New York City.
Financing was a seven-year, Freddie Mac fixed-rate loan of $64.65 million with full-term interest-only payments from Walker & Dunlop arranged by Trevor Fase and Mark Grace.
The seller was VIF II/Waterleaf LLC, a venture of RedHill Realty Investors and AEW Capital Management.
Built in 1984 on 20 acres, Waterleaf is a mix of one- and two-bedroom units from 740 to 940 square feet. Amenities include a clubhouse, two pools/spas, a fitness center, tennis and basketball courts, a playground and a pet park. The property was 97 percent leased at closing.