Stone Creek Apartments | Courtesy Colliers International

Newly Constructed SD Apartments Sell for $35M

Carrie Rossenfeld Multifamily

Oktogon Stone Creek LLC has purchased the Stone Creek Apartments, a 97-unit luxury apartment community located in Chula Vista, California, from 3875 Main Street Investors LLC for $35 million. The community is located on a 4.68-acre parcel at 3875 Main Street.

The property was completed in April and features amenities including park space with barbecues and outdoor seating, a clubhouse, and an oversized pool.

Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory Group represented the buyer. The seller was represented by California American Realty Advisors.

“Chula Vista is one of the fastest-growing cities in San Diego County,” Scepanovic, an SVP, says. “Stone Creek Apartments will help satisfy critical rental demand for new housing in the South Bay.”

One of the few areas in San Diego where developable land is still available, Chula Vista has been experiencing a resurgence in development activity and recognition by the real estate community. As SoCal Real Estate recently reported, on April 24, the Board of Port Commissioners and the Chula Vista City Council unanimously approved a Disposition and Development Agreement between the Port, the City, and RIDA Chula Vista, LLC. Also, San Diego-based Pathfinder Partners LLC and homebuilder Lanshire Housing Partners LLC recently completed construction on the model homes at Bahia Vista II, a new townhome community in Southwest Chula Vista, California, just south of Downtown San Diego. And Otay Ranch, a master-planned community in eastern Chula Vista, California, a city in the southern part of San Diego County, was recently ranked number 5 in the state of California and number 14 in the nation, according to a study by real estate consultant John Burns.