VISTA, CALIF. — Gelt Venture Partners has purchased Rancho Hills Apartments in Vista, approximately 40 miles north of San Diego. An undisclosed party sold the asset for $53.5 million. The 148-unit apartment community is located at 856 Heatherwood Lane.
Built in 1986, the garden-style property features 10 two-story buildings on 7.3 acres. The community includes a mix of 56 one-bedroom units and 92 two-bedroom units with floor plans ranging from 553 square feet to 909 square feet. Recently upgraded apartments include washers/dryers, quartz countertops, stainless steel appliances and private balconies/patios. On-site amenities include a clubhouse, fitness center, pool, spa and a gas barbecue area.
Rachel Parsons, Derrek Ostrzyzek and Mike Murphy of CBRE represented the buyer and seller in the deal.