The 80-unit La Mesa Palms apartment complex was purchased for $18.97 million last week by the Vista Investment Group.
It was the first acquisition by the Los Angeles-based firm in the San Diego County market. The previous owner was George Olsher, CoStar said.
The complex at 4300 Echo Ct. was built in 1965 and has an average rent of $1,527 per month. It was 92.5 percent occupied when sold, Vista said.
“San Diego is one of the most fundamentally sound multifamily markets in the nation and we have been waiting for the right opportunity to enter the market,” said Vista President Jonathan Barach in a news release.
He said Vista will implement a “multimillion” dollar capital improvement plan that will upgrade the buildings’ exteriors and grounds, and renovate vacant units.
The purchase was leveraged with a $13.05 million, 30-year loan from Chase Commercial Mortgage Lending, Vista said.