APARTMENT ON ALTA VISTA IN VISTA SOLD

San Diego Source

November 4, 2013

Park Vista Apartments, a 31-unit apartment complex at 700 Alta Vista Drive in Vista 92084, has been sold for $4.23 million, cash.

The buyers were William A. Loveland and Katharine A. Loveland, trustees of the Loveland Family Revocable Trust, 1400 Sea Ridge Drive, Newport Beach 92660.

The sellers of the property (assessor's parcel 176-060-33) were Laurence C. Lusvardi and Carla Tange Lusvardi, trustees of the L & C Lusvardi Trust.

Aaron Bove, vice president investments, and Aaron Wilkinson, investment specialist at Marcus & Millichap's San Diego office, had the exclusive listing for the sellers. The buyers were secured and represented by Bove and Tyler Leeson, investment specialists in Marcus & Millichap’s San Diego and Newport Beach office, respectively.

The complex is situated on a 1.13 acre lot and consists of 26,980 rentable square feet. Originally constructed in 1964, the property features nine one-bedroom units and 22 two-bedroom/one-bath units, according to John Vorsheck, regional manager of Marcus & Millichap's San Diego office.

The transaction completed the buyer's 1031 exchange. "The buyer was coming out of an exchange in Northern California and with great coordination, we were able to facilitate the 1031 exchange,” Bove said.