Berkadia Closes $82M Chula Vista Multifamily Deal

Berkadia Institutional Solutions arranged the sale of Terra Nova Villas, a 233-unit apartment community in Chula Vista. Senior managing directors Rachel Parsons and Derrek Ostrzyzek and senior director Mike Murphy of Berkadia Institutional Solutions completed the $82-million sale on behalf of seller Jackson Square Properties. The buyer was Pacific Urban Investors.

“Chula Vista is one of the fastest growing cities in California and Terra Nova Villas provides the new owner with the incredible opportunity to capitalize on the region’s rapid expansion by repositioning the property and capturing substantially higher rents,” said Parsons. “Not to mention the immediate access to countless jobs, lifestyle destinations, and an incredible neighborhood growth story that positions this deal as one of the most compelling value-add offerings of this cycle.”

Located at 440 E. H St., Terra Nova Villas was built in 1985 and offers floorplans averaging 787 square feet, and features stainless steel appliances, oversized closets, vaulted ceilings on the second-floor units and in-unit washer and dryers in the two-bedroom units. The property is comprised of 16 two-story walk-up residential buildings and a separate one-story building that includes a leasing center, business center and fitness center. The property also offers a pool area, a dog park and two playgrounds.

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