The property involved in this transaction is the Rancho Hills Apartments, a multi-family asset located at 856 Heatherwood Lane in Vista, California. The sale price was $53.5 million for a total of 148 units, resulting in a price per unit of $361,486. The property was built in 1986 and sits on 7.33 acres, featuring upgraded one- and two-bedroom units with modern amenities such as quartz countertops and stainless steel appliances.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $53,500,000
• Address: 856 Heatherwood Lane
• Market: Vista
• Units: 148
• PPU: $361,486
• Seller: Sean Gulian - Nuveen Multifamily
• Buyer: Keith Wasserman, Damian Langere & Josh Satin - Gelt Venture Partners, LLC
• Broker: Derrek Ostrzyzek, Mike Murphy & Rachel Parsons - Berkadia
• Acres: 7.33

Gelt Venture Partners, LLC has entered the San Diego market with this acquisition, strategically positioning itself to leverage high apartment occupancy and rent growth trends in the area. The firm plans to implement further enhancements to the property, including exterior painting, landscaping upgrades, and improvements to communal areas to increase the property’s appeal within the Shadowridge community.