LaTerra Development has sold its newly constructed, 97-unit apartment property in suburban San Diego, LaTerra Select Stone Creek, to Providence Capital. The property at 3985 Main St. in Chula Vista fetched about $33M, or $340K/unit.
At the time of the sale, LA-based LaTerra had completed the development and was leasing up the property. The property offers one- and two-bedroom units on landscaped grounds that include a park, a creek with a walking bridge, a pool and a clubhouse with outdoor dining courtyards.
“Stone Creek offers apartments at a rent affordable to a wide segment of the market,” LaTerra President Charles Tourtellotte said.
The property's one-bedroom units run between $1,945 and $2,150/month, while its two-bedroom units cost between $1,995 and $2,395/month, according to Apartments.com.
Average apartment rents in San Diego are $1,799/month for a one-bedroom unit, according to RentCafé, and $2,207/month for a two-bedroom unit. Compared with last year, those average rents are both 6% higher.
“About 80% of newly built apartments over the last three years in Southern California have been luxury units at sky-high rents, and Stone Creek provides an alternative that's being well-received by the market,” Tourtellotte said.
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