San Diego Business Journal

AvalonBay Plans New Apartments in Vista

By Lou Hirsh Monday, August 27, 2012

Virginia-based multifamily investor and developer AvalonBay Communities Inc. has purchased 7.29 acres of vacant land in Vista for a planned 220-unit apartment community.

AvalonBay purchased the property, at 455 and 465 S. Melrose Drive, for $12.5 million from Buie Investments I LLC, according to a statement from Colliers International, which brokered the transaction.

Colliers brokers Gunder Creager and David Santistevan handled the transaction.

AvalonBay owns and operates more than 50,000 units in apartment developments across the U.S., including eight existing communities in San Diego County.