Barclay South Acquires 45-Unit Apartment Complex in Vista for $15.1MM

Vista, Newport Gardens, Barclay South, CARV Properties, San Diego, Kidder Mathews, Casa Celeste Apartments, Villa Las Brisas Apartments and Las Ventanas Apartments

By Catherine Sweeney

Multifamily properties remain a highly sought-after asset for investors in San Diego, with one apartment complex in Vista recently trading hands for $15.1 million, or approximately $335,555 per unit. The Newport Gardens apartment complex was sold to San Diego-based Barclay South LLC by CARV Properties, according to an announcement from Kidder Mathews, which helped arrange the sale on behalf of the buyer. 

Located at 845 Newport Terrace, the property totals 40,439 square feet and reaches two stories. Newport Gardens has a total of 45 apartment units, which contain a mix of one- and two-bedroom options. According to Apartment.com, units average 912 square feet and rent for an average of $2,095 per month. 

The apartment complex also features a variety of community amenities, including picnic areas with barbecue grills, laundry facilities, covered parking and on-call maintenance. 

“Perfectly situated, you’re minutes from everything you need such as restaurants, shopping, and entertainment. Choose from our spacious one and two bedroom floor plans, all of which include air conditioning, all electric kitchen, balcony or patio, plush carpeting, extra storage, hardwood flooring and horizontal blinds. At Newport Gardens, you’ll find an open and spacious environment with beautiful landscaping,” the apartment complex’s website states. 

The property is located in Vista, north of downtown San Diego. In a primarily residential area, Newport Gardens is in close proximity to various other multifamily assets, including Casa Celeste Apartments, Villa Las Brisas Apartments and Las Ventanas Apartments. It is also just a short drive from Vista Way, which is home to a variety of shopping and dining assets. 

Overall, San Diego’s multifamily market has performed well over the past several months. According to a San Diego third quarter multifamily report by Kidder Mathews, the region’s rental rates are continuing to trend up while vacancies remain low at 2.4 percent. This is more than a 44 percent increase since the same time last year when San Diego’s multifamily vacancy reached 4.3 percent. At the same time, rental rates in the third quarter of 2021 increased more than 11 percent to an average of $2,001 per month, compared to $1,795 during the same period in 2020. 

As vacancy lowers and multifamily assets become more valuable, the report predicts more property sales are likely in the future. In the third quarter, approximately 14,000 residential units were sold in San Diego, nearly doubling the approximately 8,000 units sold by the third quarter of 2020.