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1401 North Melrose Drive

Updated Dec 10, 2024

Alasdair Cripps Of Mesirow Acquires Preserve At Melrose Multifamily In Vista For $185M
SOLDMultiFamily

Alasdair Cripps Of Mesirow Acquires Preserve At Melrose Multifamily In Vista For $185M

1401 North Melrose Drive

$185,000,000

Units

410

Asset Type

MultiFamily

Closing

Dec 9, 2024

About this deal

AI

The transaction involved the sale of Preserve at Melrose, a multifamily property located at 1401 North Melrose Drive in Vista. The asset encompasses 410 residential units, positioning it as a key player in the local market, which reflects a steady demand for multifamily living in the area. The sale was executed for a price of $185,000,000, resulting in a price per unit of $451,220.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $185,000,000
  • Units: 410
  • Price Per Unit: $451,220
  • Buyer: Alasdair Cripps - Mesirow
  • Broker: Hunter Combs - Walker & Dunlop

Hunter Combs of Walker & Dunlop arranged the sale, which marks the second-largest single-asset transaction in San Diego for the year. The buyer, Alasdair Cripps, represents Mesirow in this significant deal, which underscores the robustness of the San Diego multifamily market, driven by factors including rent growth and high demand stemming from employment hubs.

On the Map

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$185,000,000

MultiFamily

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Players

Hunter Combs

Walker & Dunlop

Broker

$1.6B

vol

14 deals

Broker
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Vista MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $451.2K per unit across 410 units on a published $185M (2024).

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Browse Vista multifamily sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.09%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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