Vista, CA –August 8, 2024 - Lee & Associates - The Von Bluecher Group, the Multifamily Group of Lee & Associates North San Diego County, represented the seller and repeat client, The Ivicevic Family Trust, in the sale of the Pine View Apartments, a 59-unit multifamily investment in Vista, CA. The sales price was $14,100,000, which equates to $238,983 per unit and $273 per square foot, with an estimated cap rate around 5% and approximately 11.17 GRM. The property consists of a large 3.57-acre lot with a unit mix of 30 one-bedroom units, one studio, and 28 two-bedroom units, 124 parking spaces, and significant deferred maintenance throughout the property.

 

Despite challenges such as higher interest rates, lower income, and the substantial capital and time needed for —factors that deterred many investors—the Von Bluecher Group's proven marketing process and high-quality materials successfully generated 20 tours and 11 offers. We selected the best offer and opened escrow in just 61 days, achieving 104% of the price per unit and 138% of the price per square foot compared to the best sales comp of similar vintage and size sold in Vista over the past 12 months.

 

Our commitment to excellence means we work with the best buyers, whether they are represented by us or cooperating brokers, to ensure both the best price and terms the market will bear. The buyer for the property was Orsett Pine View Apartments, LLC, represented by Colliers.

 

Eric von Bluecher, Principal/Shareholder of Lee & Associates North San Diego County located in Carlsbad, CA, stated, "We executed full marketing with this offering. Being a 59-unit asset, the building is too small for some and too large for most, so finding the right buyer was challenging. We hit the market on March 1st and opened escrow on May 1st (61 days). During that time, we were able to generate multiple tours and over ten offers, providing the seller with a healthy sample of market data. This data displayed where offers were bearing based on repairs needed combined with a higher interest rate environment. Many investors we saw in the market prior to 2022 and some in 2023, who would have jumped on this property, had evaporated. We were left with a core group of sophisticated, local, and regional multifamily-specific investors to choose from, all highly qualified and capable of closing. This is the beauty of fully marketing a property: we were able to clearly select the best price and terms on the table from a large sample of offers, both from our investor clients and from brokers' clients as well."

 

Eric von Bluecher continued, "I've spent over half my life in North San Diego County. My family has been involved with Thoroughbred Racing at Del Mar since 1974, 50+ years, so we've been here a long time. When Lee & Associates recruited me to build the first multifamily division for Lee & Associates in San Diego County, I realized it wouldn't be easy. However, we've been able to connect with and perform very well for happy clients, including a 44-unit building earlier this year, 59 units with this Vista building, along with similar-sized buildings in previous years. We are thankful for the opportunity to work with all the professionals in the marketplace, from brokers, lenders, and property managers to title and escrow. I have a deep connection with San Diego, especially in North County, and am happy to team up with and give gratitude to key members of our team: Ivan Del Muro-Garcia and Leo Lagrimas III on the brokerage side, Lael Borduin leading our marketing department, and our office president, Al Apuzzo. Lee & Associates has been around since 1979 and our North County office since the 90s. Our office consistently produces strong results each year in industrial, land, NNN, retail, office, and now multifamily. If you want to work with down-to-earth brokers in a tight-knit office full of humble, normal, and honest professionals, give us a call at 760-929-7846 or email evb@lee-associates.com."