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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.
- ◦Sale/Acquisition
