Large Vista Apartment Complex Built in 2015 Sells for $185 Million

Preserve at Melrose, a Vista multifamily community built in 2015, has been sold for $185 million, according to a commercial real estate firm.

The complex, comprised of 410 units, offers one-, two-, and three-bedroom apartments with various amenities, all set within a low-density garden-style setting.

The sale is the second largest single-asset transaction in San Diego this year and the fifth largest in California, according to Walker & Dunlop.

The firm’s Investment Sales team, led by managing director Hunter Combs, represented the seller, MG Properties in Sorrento Valley, and buyer, Mesirow Institutional Real Estate Direct Investments.

“San Diego remains a top target nationally for investors, making up 10% of all U.S. multifamily transactions over $150 million and 23% of those in California, year-to-date since 2023,” Combs said.

Historically consistent rent growth, along with the expanding presence of life science and big tech companies, he said, contribute to “San Diego’s exceptional market resilience and attractiveness for investors.”

Alasdair Cripps, chief executive officer of Mesirow, headquartered in Chicago, said the property’s amenities, transit-oriented location and proximity to key employment centers make it one of North County’s “most attractive multifamily properties.”

Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market.