78 Corridor’s Sales Spikes Spur Competitive Bidding

Sycamore Hills Village in Vista recently sold to Walz Properties for $59.5 million or $383,870 per unit. The 155-unit multifamily asset is located less than 10 miles from the Pacific Ocean.

“Vista’s population has grown by 8 percent since 2010, a rate higher than the San Diego region as a whole,” notes Alexander Garcia Jr. of IPA.

The property is located in North San Diego County’s 78 Corridor between San Marcos and Oceanside, two of the fastest-growing cities in the region. The 78 Corridor is home to 644,943 residents, 260,000 employment opportunities and 21.3 million square feet of commercial space. The main campus of Palomar College and California State University San Marcos are within five miles of the community.

“The 78 Corridor has seen a recent spike in sales activity with each of the assets that sold attracting strong investor activity and extremely competitive bidding,” notes Gary Weddle of IPA.

IPA’s Christopher Zorbas, Garcia and Weddle represented the seller, a tenant-in-common partnership consisting of eight entities, and procured the buyer.

“The acquisition of Sycamore Hills Village provides the new owner with an opportunity to continue adding value to an impeccably maintained multifamily asset in a high-growth submarket with limited new deliveries and construction, despite strong demand and lack of supply,” said Zorbas.

Built in 1990 on 12 acres, the 17-building property is composed of 85 two-bedroom/two-bath units and 70 three-bedroom/two-bath apartments. Select units have recently received new kitchen cabinets, quartz countertops, stainless-steel appliances and flooring.