845 Newport Terrace
Vista, CA 92084
Price Per Unit:
Price Per SF:
Market Cap Rate:
ACRE IS PROUD TO PRESENT THE “NEWPORT GARDENS”, AN OPPORTUNITY TO ACQUIRE A FORTY-FIVE UNIT PRIDE-OF-OWNERSHIP APARTMENT COMMUNITY LOCATED IN VISTA, CALIFORNIA.
Newport Gardens, the Property, is perched on a 3.04 acre hilltop location providing sweeping canyon views of San Diego’s City of Vista. This apartment community was constructed in 1990 and has undergone a recent high-end modern rehabilitated completed in late 2016. The Property offers a superior unit mix comprised of Forty-two (42) Two-bedroom, Two-bathroom units and Three (3) One-bedroom, one-bathroom units. Totaling 40,439 rentable square feet, Newport Gardens offers tenants spacious two-bedroom apartment homes of approximately 910 square feet and one-bedroom apartment homes of approximately 700 square feet. With an open and spacious environment, the Property includes three community buildings, multiple picnic areas with barbecues and covered benches, a children’s playground, a modern laundry facility, covered parking and gated security access close to public transportation, restaurants, shopping and schools. The apartment homes include air conditioning, all electric kitchen, balcony or large patio, plush carpeting and hardwood flooring, extra storage, heat, a modern kitchen and bathroom package and horizontal blinds. Each unit has been upgraded with beautiful granite countertops and cabinets in both the bathrooms and kitchens with new appliances and new finishes. The exterior of the property has pitched tile roofs, carport storage, new stucco and paint, new double-pane windows, new asphalt, new carport roofs, and clean, tropically themed landscaping. Tenant parking provide 2 spaces per home with 50 open surface spots and 40 covered carport spaces with assigned secured storage.
Located just seven miles inland from the Pacific Ocean in northern San Diego County, the City of Vista is known for it’s perfect mild Mediterranean climate. Vista is approximately 19 square miles and has a population of over 100,000. Vista has more than 25 educational institutions for youth, and a business park home to over 800 companies. Vista is ranked as the 173rd-best place in California for families, based on factors such as family life, recreational opportunities, education, health, safety, and affordability in a 2015 review.
William R Anderson
MBA, Senior Vice President | Principal