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East County Apts Sold for $17.9M

Local Buyer Plans Renovations to 74-Unit Property
March 7, 2018
An affiliate of CARV Properties LLC of Chula Vista, CA has acquired the 74-unit Rancho Azul apartment property at 10130 Austin Dr. in the eastern San Diego County community of Spring Valley, CA for $17.9 million, or about $242,000 per unit.

The seller was a joint-venture affiliate of Encino-based New Standard Equities, led by Edward Ring. It acquired the asset from FPA Multifamily LLC in August 2015 for $14 million ($189,000 /unit), according to CoStar data.
See CoStar COMPS #3367198.

The 64,960-square-foot multifamily community was built in 1976 on 3.9 acres. It is comprised of a mix of one- and two-bedroom apartments and three-bedroom, townhouse-style units with asking rents between $1,250 and $2,150 per month.

The new owner is planning significant improvements, continuing prior extensive renovations that were done by the seller.

Bill Anderson of ACRE Investment Real Estate Services represented the buyer. Marcus & Millichap’s Zorbas Group, led by Christopher Zorbas, represented the seller.

Please see CoStar COMPS #4156154 for more on this transaction.



Lou Hirsh, San Diego Market Reporter  CoStar Group   
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