IDEAL Capital Group Finds Vintage at SLO an Ideal Match

Construction of Vintage at SLO, a 105-unit multifamily community in San Luis Obispo, was completed earlier this year on a 5.1-acre site at 3554 Ranch House Rd. Vintage at SLO recently sold to California-based real estate investment firm IDEAL Capital Group for $51 million.

The 91,749 square-foot property is comprised of seven three-story buildings with an average unit size of 874 square feet.

CBRE’s Stew Weston, Dean Zander and Jeff Henderson represented the seller, a joint venture between Newport Beach-based Capstone Commercial Properties and local developer/general contractor, Robbins | Reed.

“The developer delivered a true best-in-class community, as evidenced by the rapid leasing velocity, lack of concessions and increase in rental rates throughout the lease-up period,” said Zander.

The property is three miles from Cal Poly San Luis Obispo, a public university with an annual enrollment of approximately 22,000 students.

“As a firm located in the heart of California’s Central Valley, we recognize the long-term value growth and high barriers to entry of Central Coast real estate,” adds Kevin Conway, managing director at IDEAL Capital Group. “Vintage at SLO is an irreplaceable, high-quality asset located adjacent to technology companies, hospitals and Cal Poly San Luis Obispo.”