CBRE Brokers South San Diego County Sale
- Nov 14, 2019
CBRE has facilitated the $10.7 million sale of Hollister Creek Village, a 46-unit community in San Diego. The company’s Allen Chitayat and Nate Pepper worked on behalf of the buyer, a subsidiary of Viewpoint Equities Inc. The company assumed an existing loan in favor of Freddie Mac. CBRE’s Tim Mills represented the seller. The new owner intends to implement a value-add program at the property.
Located at 945 Hollister St. in the Nestor neighborhood, the property sits on nearly 2 acres and provides convenient access to Interstate 5, which connects the neighborhood to the rest of the county. Various shopping, dining and entertainment venues including Otay Valley Regional Park Montgomery-Waller Community Park, Taco Bell and Northgate Market are also nearby. Built in 1986, Hollister Creek Village features a mix of two- and three-bedroom units averaging 1,000 square feet. Common-area amenities include private outdoor areas, a spa, a swimming pool and a picnic area.
San Diego attracts investors due to its population gains, household formation and steady hiring in well-paying industries, according to the latest Yardi Matrix report. The recently approved Chula Vista Bayfront Development—the largest coastal development project in Southern California—is expected to continue to attract investors in the area.
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