Los Angeles—Vista Investment Group recently announced the acquisition of an 80-unit apartment community in metropolitan San Diego and a 50-unit community in Los Angeles, for a total price of $27.5 million. The new owner intends to implement thorough renovation plans at both properties.
La Mesa Palms, located at 4300 Echo Court in La Mesa, an eastern suburb of San Diego, was acquired for $19 million. The garden-style property encompasses 20 four-plex buildings with two- and three-bedroom units at an average of 1,100 square feet. According to Yardi Matrix data, La Mesa Palms boasted an occupancy rate of 96.1 percent as of December 2016. HFF Director Hunter Combs led the team that marketed the assets and represented both parties in the transaction.
The Ashmont, a five-story apartment building located at 908 S. Hobart Blvd. in Los Angeles, features a mix of single and one-bedroom units, a garden and a large laundry facility. The transaction also included an adjacent 9,029-square-foot land parcel that is currently being used as a parking lot.
The Ashmont adds to Vista’s existing Koreatown portfolio of five multifamily properties totaling 240 units. Vista also owns 375 units in neighborhoods immediately surrounding Koreatown. The building was approximately 90 percent occupied at the time of closing.
Kitty Wallace, an executive vice president with Colliers International, represented The Ashmont’s seller, a long-term private investor.
Andrew Kirsh, co-founder and head of the real estate department at Los Angeles-based law firm Sklar Kirsh LLP, led the legal team representing Vista in both transactions.
Images courtesy of Yardi Matrix