DEAL OF THE DAY: 456-Unit Complex in California Sells for More Than $60 Million
- Jan 14, 2008
Vista, Calif.–San Diego-based RedHill Realty Investors and AEW Capital Management of Boston recently acquired a 456-unit apartment complex in the San Diego suburb of Vista, Calif. for $69 million.Fairfield Residential, with corporate offices in Grand Prairie, Texas, and San Diego, sold the Waterleaf Apartments. AEW acquired the property on behalf of AEW Value Investors, II, L.P., the firm’s second value-added real estate fund.RedHill plans to redevelop Waterleaf with extensive interior and exterior improvements to enhance the property’s value and provide a greater quality of life for its tenants.Built in 1984, Waterleaf features one- and two-bedroom units. The complex also includes a fitness center, swimming pool and playground.Founded in 1981, real estate investment manager AEW Capital Management, LP manages approximately $29 billion of capital invested in more than $42 billion of property and securities in North America, Europe and Asia. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris and Singapore, as well as additional offices in eight European cities. RedHill Realty Investors, LP–a privately held real estate company that holds in excess of $1 billion with its principal investors–specializes in multi-housing investment and development. In 2008, RedHill plans to target the acquisition of value-add assets in excess of $500 million throughout the western U.S.