Cazador Investments, LLC has closed on the acquisition of Vista de Helix, a 28-unit apartment complex located in Spring Valley, San Diego County. Regarding the acquisition, Hunter Beaumont, President of Cazador, comments, "The acquisition of Vista de Helix represents our ability to repeatedly identify and acquire compelling value-add opportunities from long term owners. The property was acquired off-market from sellers that have held the property for more than twenty years, and although it exhibits pride of ownership, there is clear upside in terms of unit renovations and common area upgrades."
The property was built in 1980, and consists of 28 large, two-bedroom units, all with either patios or balconies. It also boasts a large gated-entry parking lot, onsite laundry facilities and pool area. It's location close to public transit and multiple freeways is ideal for commuters. Cazador identifies the unit mix of 100% two-bedroom units as ideal for the working families that populate the surrounding area.
"We have a lot of conviction around the continued relevance of workforce housing in coastal Southern California over the long term- nobody can afford to build it, and it will always be in demand for our middle-class residents in an extremely costly housing market. Owning relatively-affordable workforce housing in Southern California, and buying it well below replacement cost, is a compelling business model to us, and one of our core investment strategies," states Hunter.
At time of acquisition, CoStar reported the submarket (National City/South Central) as 97.4% occupied, the highest occupancy rate of all 14 submarket in San Diego County, according to CoStar. In addition, CoStar listed the submarket's annual rent growth at 3.7%, the 2nd highest in San Diego County.
Cazador began investing in San Diego multifamily in 2012, and currently owns and manages over 100 units locally. Cazador plans to continue pursuing compelling value-add multifamily and mixed-use opportunities across Southern California, Nevada and Arizona over the next 12-24 months.
