Vista Grove Apartments Sold for $20.65m

VIZZDA—June 14th, 2012 — The Vista Grove Apartments—a 224-unit complex comprised of twenty one buildings totaling 202,266 ft2—was purchased by the M.F. Daily Corporation of Ventura, CA for $20.65m or $92,600 per door. M.F. Daily has secured a $15m Multifamily Loan originated through CBRE Multifamily Capital to fund the acquisition.

The complex was built in 1997 south of the southwest corner of Val Vista Drive and Southern Avenue and includes seventy-two one-bedroom apartments at 716 ft2, eighty two-bedroom apartments at 967 ft2, thirty-two two-bedroom apartments at 971 ft2 and forty three-bedroom apartments at 1,133 ft2. The apartments are individually metered and 98% occupied. Greystar Management has been retained to manage the property.

The seller—Equity Residential as represented by its First Vice-President, Cydney White—had previously acquired the property through its acquisition of Scottsdale-based Evans Withycombe Residential on April 30th, 1999. As reported in both the Wall Street Journal and the New York Times, Equity Residential under then-CEO Sam Zell agreed to purchase Evans Withycombe Residential for $625m including the assumption of $435 existing debt. The agreement called for the tender of one half share Evans Withycombe Residential stock and limited partnerships in exchange for a full share of Equity Residential stock.

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