Triumph Properties Group of Beverly Hills has acquired the 163-unit Villa Real Apartments in Carlsbad for $20.1 million.
Noah Hochman, the investment firm’s vice president of acquisitions and dispositions, said the property was acquired from San Diego-based receiver Douglas Wilson Cos. The 14-building community, built in 1979, is located on 10.5 acres at 2701 Avenida de Anita.
Brokerage firm Cushman & Wakefield represented the buyer and seller. Triumph plans to immediately begin a $3.5 million improvement program, including interior and exterior renovations aimed at creating an urban park environment.
“Apartment fundamentals in the North County are extremely strong,” Hochman said in a statement. “Adjacent institutionally owned projects have been experiencing excellent rental growth as a result of their own capital improvement programs.”
The Carlsbad transaction is Triumph’s first apartment purchase in San Diego County. The family-owned investment and development company, which owns more than 1,350 multifamily units throughout Southern California, has acquired $50 million in assets during 2012 and is looking to close on additional purchases by year’s end.
— SDBJ Staff Report