January 26, 2017
Vista Investment Group acquired Mesa Palms, an 80-unit apartment community in La Mesa, CA for $18.97 million. The transaction marks the Los Angeles-based real estate investment firm’s entry into the San Diego market.
The 92.5%-occupied multifamily community is located at 4300 Echo Court. The seller was a private family investor that owned the property for more than 40 years.
The garden-style apartment complex consists of 20 four-plex buildings with spacious two- and three-bedroom units. Vista will implement a multimillion dollar capital improvement program, that will begin with upgrading the buildings’ exteriors and grounds, as well as the interior renovation of vacant units.
HFF’s Hunter Combs led the team that marketed the asset, and represented both parties in the transaction. HFF’s debt placement team also secured acquisition financing on Vista’s behalf.
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