Walz Properties has purchased Sycamore Hills Village in Vista, Calif., for $59.5 million. According to Yardi Matrix, the buyer took out a $40 million loan from First Republic Bank to finance the acquisition of the 155-unit asset. IPA, a Marcus & Millichap division, worked on behalf of the seller—a tenant-in-common partnership of eight entities—and also procured the buyer.
The same data provider shows that the 1990-built Sycamore Hills Village last changed hands in 1993 for $8.3 million.
The 17-building community spans across 12 acres at 920 Sycamore Ave., and comprises 85 two- and 70 three-bedroom units. Some of them have recently been renovated and feature modern finishes. Common-area amenities include a pool, spa, playground area and a clubhouse.
Situated less than 10 miles from the Pacific Ocean and along North San Diego County’s 78 Corridor, Sycamore Hills Village is some 5 miles northeast of McClellan-Palomar Airport. A Target store is just 1 mile away and several shopping, entertainment and dining options are accessible within a 3-mile radius of the property. Downtown Vista is 4 miles northwest.
Growing city, growing market
Sycamore Hills Village is located between San Marcos and Oceanside, two burgeoning cities north of San Diego. Vista’s population has expanded by 8 percent since 2010, faster than the San Diego region overall, IPA Executive Managing Director of Investments Alexander Garcia said in prepared remarks.
San Diego is steadily outperforming other coastal markets, with sales activity along the 78 Corridor intensifying recently, according to a prepared statement from IPA’s Gary Weddle.
Besides Garcia and Weddle, IPA Executive Managing Director of Investments Christopher Zorbas was also part of the team that brokered the sale.