June 13, 2018
Pacific Urban Residential acquired Monarch at Shadowridge, a 314-unit institutional-quality residential community in Vista, CA, from a client of Invesco for a reported $115 million. The asset sits on more than 21 acres, adjacent to a larger master-planned community within the I-78 corridor at 1850 Thibodo Rd.
JLL’s Darcy Miramontes, Kip Malo, David Young, Jeff Price and John Cunningham handled the sale.
Built in 2005 to condo quality standards, the property is a low-density community with 29 apartment buildings, a clubhouse and a saltwater pool. Amenities include a 19-seat movie theatre, outdoor barbecue areas and private cabanas, a community kitchen and dining room, coffee lounge and game room as well as a fitness center and yoga room.
Miramontes says, “This asset provided the buyer with an exceptional opportunity to take a well-located, stabilized and mature institutional quality multifamily property, and create additional future value through a strategic renovation program.”
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