Seattle Investor Snaps Up San Diego-Area Apartments
Pacific Urban Residential has acquired Monarch at Shadowridge, a 314-unit apartment community in Vista, for an unspecified price. The buyer is a Seattle-based multifamily specialist that focuses on value-adds and core assets mostly on the West Coast.
“This asset provided the buyer with an opportunity to take a stabilized, institutional-quality multifamily property and create additional future value through a renovation program,” JLL's Darcy Miramontes said.
Developed in 2005 to condo-quality standards, Monarch at Shadowridge is a low-density community with 29 apartment buildings, a clubhouse and a saltwater pool on more than 21 acres.
Common amenities include a 19-seat movie theater, outdoor barbecue areas and private cabanas, a community kitchen and dining room, a coffee lounge and a game room, as well as a fitness center and yoga room.
Darcy and JLL colleagues Kip Malo, David Young, Jeff Price and John Cunningham facilitated the deal.