The firm bought Las Brisas apartments, 628 W. California Ave. in Vista for $5.4 million.
The seller was not disclosed.
Mark Bridge of Cushman & Wakefield represented both Cazador and seller.
Built in 1980 on a 1.5-acre site, Las Brisas has 22 apartments, most of which are two-bedroom units.
Cazador plans to renovate the apartments, build multiple accessory dwelling units on the property, and entitle additional multifamily apartments.
Cazador also bought Jordan Village in West Jordan, Utah near Salt Lake City for $2.7 million and Terrace Towers in Hayward for nearly $9 million.
Jordan Village was acquired in a joint venture between Cazador and Canfield Development.
Marcus & Millichap's Kris Mortensen represented both buyer and seller. The project has 20 apartments averaging 950 square feet.
Terrace Towers had a 48% occupancy rate at the time of the sale with 41 apartments.
Colliers' Ryan Rodriguez and Gavin McDowell of Colliers International represented both Cazador and the seller.