John Chu, Kyle Pinkalla, Edward Rosen and Tyler Sinks Cushman & Wakefield Alta Vista apartments 1245 Morning View Drive, Escondido 102 units Total consideration: $23.8 million
About the property: The 102-unit Alta Vista apartment complex consists of 76 two-bedroom/two-bath units, 24 one-bedroom units and two three-bedroom/three bath units, with a total square footage of 97,728. Unit features include terraces and balconies. The property also has a pool, business center and fitness club.
The complex was constructed in 2001 on an 8.47-acre lot. It was previously sold in 2007 for $22.2 million and in 2002 for $14.36 million.
Closing the deal: The property sold in September 2014 for $23.8 million to SRGMF Morning View Escondido LLC, a partnership of Irvine-based Sares-Regis Group. The seller was Bouwfonds Alta Vista LP, with Bouwfonds Alta Vista GP LLC as the general partner. Representing both buyer and seller were Edward Rosen, John Chu, Kyle Pinkalla and Tyler Sinks, of Cushman & Wakefield.
The buyer had actually built the property and sold it several years ago, Rosen said. Now in the position to buy back assets, the buyer could be confident in the quality of the construction.
“It was easier for me to get the buyer comfortable with the asset and to work through the due diligence because of their familiarity with the property,” Rosen said.
Due in part to appreciation, the property sold for almost twice what they originally sold it for, he said.