SAN DIEGO – December 21, 2017 – Berkadia today announced the $117.5 million sale of Waterleaf Apartments, a garden-style multifamily property in Vista, California. Managing Directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen of the San Diego office completed the sale on behalf of the sellers, New York-based Investcorp International Inc. and Los Angeles-based TruAmerica. The buyer was San Diego-based MG Properties Group.
“Waterleaf is perfectly positioned for the ‘next level’ upgrade,” said Chu. “The property’s low-density is extremely desirable and gives Waterleaf an edge in attracting renter attention. The property should be able to continue capturing the upswing in the North County rental market.”
The property was built in 1984 over a 19.85-acre site and features 456 one- and two-bedroom units with washers and dryers, patios or balconies and carports. Residents can enjoy community features such as two fitness centers, two swimming pools and spas, a dog park, a tennis court and a business center. Located at 333 N. Emerald Drive, the property is situated along the Innovate 78 Corridor and is approximately 40 miles from downtown San Diego.