Berkadia Institutional Solutions successfully facilitated the sale of Terra Nova Villas, a 233-unit apartment community in Chula Vista. The property was sold for $82 million by seller Jackson Square Properties and purchased by Pacific Urban Investors. Senior managing directors Rachel Parsons and Derrek Ostrzyzek, along with senior director Mike Murphy from Berkadia Institutional Solutions, oversaw the transaction.
According to Parsons, Chula Vista’s rapid growth makes it an ideal location for investment opportunities like Terra Nova Villas. With its prime location offering easy access to various job opportunities and lifestyle destinations, as well as a thriving neighborhood story of development and expansion, this deal presents one of the most attractive value-add options in recent times.
Terra Nova Villas is situated at 440 E. H St., built in 1985 with an average floorplan size of 787 square feet. The units boast stainless steel appliances, spacious closets,and vaulted ceilings on second-floor units while two-bedroom units come equipped with in-unit washer/dryers.The property comprises16 two-story walk-up residential buildingsand a separate one-story building that houses amenities such as leasing center,business center,and fitness center.Additionally,the complex offers residents access toa pool area,dog park,andtwo playgrounds.
