$19.5 Million Buys Chula Vista Apartment Community
Sep 09, 2016

CHULA VISTA, Calif., Sept. 9, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Casa La Paz Apartments, a 96-unit multifamily community in Chula Vista, California. The $19.5 million sales price equates to more than $203,000 per unit.

“The acquisition of Casa La Paz gives new ownership the ability to continue the renovation program and further enhance value in San Diego County’s booming South Bay submarket,” says Christopher Zorbas, IPA senior director. “The area’s high-profile employers, led by several medical centers/offices, combined with close proximity to the region’s largest employment hub, downtown San Diego, support a repositioning strategy.”

Zorbas, along with Stewart I. Weston, IPA executive director, Alexander Garcia, Jr., IPA senior director, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, and procured the buyer, a high-net-worth private party in a 1031 exchange.

Built in 1969, the property is less than one mile from Chula Vista Center, an 880,000-square-foot enclosed shopping center, and less than four miles from Westfield Plaza Bonita, an approximately 816,000-square-foot indoor shopping mall. Sharp Rees-Stealy Chula Vista Medical Group, Scripps Mercy Hospital Chula Vista, UTC Aerospace Systems, Raytheon Technical Services Co. LLC, Interstate 5 and State Route 54 are nearby.