Going into 2015, TruAmerica Multifamily senior managing director Greg Campbell makes the case that SD has some of the best multifamily fundamentals in the country. He says it's a good market to buy into, if you can find the right deal. Supply is the issue: There just isn't much.

Greg says the local economy is robust, which continues to foster demand. More than that, nearly half of the population is renters, compared to the national average of 35% among major metros. And his assessment of the market’s not idle speculation: to begin the year, TruAmerica and JV partner Investcorp picked up the 456-unit Waterleaf Apartments in Vista, acquiring it from RedHill Realty Investors and AEW Capital Management for $86M in an off-market deal. (Last month, Greg told us that OC’s multifamily fundamentals rock, too.)

Greg says the previous owners took good care of the 30-year-old property, but the Waterleaf’s really a value-add opportunity. TruAmerica plans to make a few million in capital improvements, including common area upgrades and the completion of interior renovations started by RedHill. The property was 97% leased at closing. Cushman & Wakefield’s San Diego Multifamily Advisory Group’s John Chu and Ed Rosen repped both sides.