Developer Pays $19M for Chula Vista Affordable Complex
Marcus & Millichap closed the sale of Oxford Terrace, a 132-unit apartment property in Chula Vista. The sale price was $19,200,000. Located at 555 Oxford St., the property is the largest affordable multifamily to trade in San Diego County in the past five years, according to Marcus & Millichap.
Executive managing director Christopher J. Zorbas and SVP investments Tom McCartin in Marcus & Millichap’s San Diego Del Mar office marketed the property on behalf of the seller, Alpha Project. The buyer, a developer who was a subsidiary of Foster Hamilton, was procured by Zorbas, McCartin and senior associate Graeme Henderson.
“Oxford Terrace will continue to provide residents of Chula Vista with a well amenitized, affordable community for generations to come,” said Zorbas. McCartin added, “New ownership plans on preserving the affordability component while enhancing the living experience through interior and exterior upgrades.”
The property is within walking distance to Chula Vista High School, Costco, Target and Walmart, all within a two-block radius.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
Learn more
Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
Learn more
Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout