Private multifamily investor Pacific Urban Residential has purchased Monarch at Shadowridge, a 314-unit institutional-quality residential community in San Diego County’s Vista, California, from an undisclosed seller. The price has not been disclosed, but industry sources unrelated to the deal report that the price was $115 million.
Built in 2005 to condo-quality standards, Monarch at Shadowridge is a low-density community with 29 apartment buildings, a clubhouse, and a saltwater pool on more than 21 acres. Amenities include a 19-seat movie theater, outdoor barbecue areas and private cabanas, a community kitchen and dining room, coffee lounge, and game room, as well as a fitness center and yoga room.
JLL’s Capital Markets, Multifamily experts Darcy Miramontes, Kip Malo, David Young, Jeff Price, and John Cunningham led the team handling the sale. “This asset provided the buyer with an exceptional opportunity to take a well-located, stabilized, and mature institutional-quality multifamily property and create additional future value through a strategic renovation program,” Miramontes says.
Monarch at Shadowridge sits adjacent to a larger master-planned community within easy access of the I-78 corridor, one of the region’s largest employment hubs. The suburban North County market has seen only 14 new communities delivered since 2000. The market continues to lack new supply due to tough entitlement processes, fully built-out communities and geographic constraints.