Institutional Property Advisors Closes $40.5 Million Multifamily Sale in San Diego County
September 29, 2026
SPRING VALLEY, Calif., Sept. 29, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Skyline Apartments, a 128-unit apartment property in Spring Valley, California. The asset traded for $40.5 million.
“Skyline Apartments was developed and operated as a market-rate property in supply-constrained East County San Diego,” said Chris Zorbas, IPA executive managing director. “The asset has experienced strong historical rental demand and will now be dedicated to preserving affordability for tenants. Over the past five years, Spring Valley has seen virtually no transaction activity involving assets of comparable scale, construction vintage, or renovation quality.” Zorbas and Alexander Garcia, Jr., IPA executive managing director, represented the seller, a joint venture between Stratford Partners and LLJ Ventures, and procured the buyer, Bridge Housing. “Constructed in 1985, the property has undergone substantial interior and exterior renovations,” said Garcia. “The acquisition gives the buyer a well-maintained asset with a desirable unit mix that will provide the community with an affordable housing option for years to come in one of East County’s most resilient rental markets.”
Located in a dense infill neighborhood with direct access to California State Routes 94, 125, and 54, the property is within a short drive of Downtown San Diego and San Diego State University. Rancho San Diego Towne Center, Spring Valley Shopping Center, Sweetwater Lane Community Park, Spring Valley County Park, and the 5,800-acre San Diego National Wildlife Refuge are within two miles. Sharp Grossmont Hospital and Scripps Mercy Chula Vista Hospital are within a 10-mile radius.
Skyline Apartments is a gated-entry community with a swimming pool, sundeck, spa, outdoor kitchen, playground, and two laundry facilities. The unit mix is one-, two- and three-bedroom apartments. Renovated units have energy-efficient stainless-steel and black appliances, electric heating and air conditioning, and a private patio, or balcony.
“Skyline Apartments was developed and operated as a market-rate property in supply-constrained East County San Diego,” said Chris Zorbas, IPA executive managing director. “The asset has experienced strong historical rental demand and will now be dedicated to preserving affordability for tenants. Over the past five years, Spring Valley has seen virtually no transaction activity involving assets of comparable scale, construction vintage, or renovation quality.” Zorbas and Alexander Garcia, Jr., IPA executive managing director, represented the seller, a joint venture between Stratford Partners and LLJ Ventures, and procured the buyer, Bridge Housing. “Constructed in 1985, the property has undergone substantial interior and exterior renovations,” said Garcia. “The acquisition gives the buyer a well-maintained asset with a desirable unit mix that will provide the community with an affordable housing option for years to come in one of East County’s most resilient rental markets.”
Located in a dense infill neighborhood with direct access to California State Routes 94, 125, and 54, the property is within a short drive of Downtown San Diego and San Diego State University. Rancho San Diego Towne Center, Spring Valley Shopping Center, Sweetwater Lane Community Park, Spring Valley County Park, and the 5,800-acre San Diego National Wildlife Refuge are within two miles. Sharp Grossmont Hospital and Scripps Mercy Chula Vista Hospital are within a 10-mile radius.
Skyline Apartments is a gated-entry community with a swimming pool, sundeck, spa, outdoor kitchen, playground, and two laundry facilities. The unit mix is one-, two- and three-bedroom apartments. Renovated units have energy-efficient stainless-steel and black appliances, electric heating and air conditioning, and a private patio, or balcony.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.