Virtú Investments LLC, a 20-year-old owner and manager of apartment properties, has purchased Barham Villas, a 168-unit apartment complex at 570 Barham Drive in San Marcos, California, from an affiliate of MG Properties Group, a San Diego-based owner and operator of more than 60 apartment properties throughout the Western U.S., according to a release from a representative of CBRE. The price was not disclosed.
Barham Villas, built in 1988, is situated on 9.88 acres, the release says. It is described as a two-story, low density garden-style community featuring Mediterranean architecture with pitched-tile roofs and garages. Ninety percent of the property consists of two- and three-bedroom floor plans, and resident amenities include a tennis court, half basketball court, heated pool/spa, fitness center, clubhouse, playground, pet-friendly open space, and two laundry facilities.
The property is directly south of Highway 78 at the Barham Drive exit, two-and-a-half miles from I-15, and within walking distance of California State University, San Marcos and the Sprinter transit stop, according to the statement.
Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer represented itself, the statement says.
Parsons is quoted in the release as saying, “This is a great opportunity to own a large property with incredible value-add potential located in one of the fastest-growing areas in San Diego County.”
Evan Faulkner, Virtú’s head of acquisitions, calls Barham Villas “an excellent fit for the Virtú Evergreen Fund, our open-ended multifamily fund. The acquisition provides allocation in a dynamic San Marcos location within San Diego in a property that will benefit from community improvements.” The release says the firm was “built to create high-yield opportunities in the apartment market” and works for private investors.