Vista Acquires 2 Communities in San Diego and L.A., for $27.5M

La Mesa Palms is the investor’s first foray into San Diego, and The Ashmont adds to an existing Koreatown portfolio.

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The Ashmont apartment building in Los Angeles' Koreatown neighborhood, recently acquired by Vista Investment Group.

The Ashmont apartment building in Los Angeles' Koreatown neighborhood, recently acquired by Vista Investment Group.

In two separate transactions, Los Angeles–based Vista Investment Group has acquired the 80-unit La Mesa Palms community in San Diego and the 50-unit Ashmont complex in the Los Angeles neighborhood of Koreatown, for a total cost of $27.5 million for 130 units.

La Mesa Palms, which Vista acquired for $18.97 million, is the company’s first investment in the San Diego market. The property consists of 20 buildings of four units each, with plans comprising two- and three-bedrooms with an average size of 1,100 square feet.

Vista purchased La Mesa from a private investor that had held the property for more than 40 years. The company plans to invest millions into the property’s improvement, which will include exterior upgrades and renovation of vacant and vacated units as turnover allows. Renovated units will feature quartz countertops, vinyl wood-look plank floors, and stainless steel appliances.

“San Diego is one of the most fundamentally sound multifamily markets in the nation, and we’ve been waiting for the right opportunity to enter the market,” said Vista president Jonathan Barach in a release. “The La Mesa/Spring Valley submarket is one of the more affordable rental submarkets in the region, with great school districts, good freeway and mass transit options, and easy access to major employment centers. We will continue to seek well-located multifamily assets with strong upside potential in the 10- to 50-million-dollar range as we look to establish scale in San Diego.”

The Ashmont, acquired for just over $8.5 million, is Vista’s sixth multifamily property in Los Angeles’ Koreatown neighborhood, where the firm currently owns five properties and 240 units, plus 375 units in adjacent neighborhoods. The 1928-vintage Ashmont includes studios and one-bedroom units, a garden, a laundry facility, and an adjacent, 9,029-square-foot, gated parking lot. Vista plans to upgrade the building’s major systems, exteriors, common areas, and unit interiors. New amenities will include refinished hardwood floors, modern bathroom fixtures, and stainless steel appliances.

Vista, which focuses on acquiring assets in urban infill markets in Southern California, currently has a portfolio of 1,100 multifamily units and 40,000 square feet of office space.

About the Author

Mary Salmonsen

Mary Salmonsen is a former associate editor for Zonda and a graduate of the S.I. Newhouse School of Public Communications at Syracuse University.

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