Oxford Terrace, a 132-unit apartment complex in Chula Vista, has been sold for $19.2 million, according to a brokerage.
The property, at 555 Oxford St., is the largest affordable, multi-family asset to trade in San Diego County in the last five years, according to the broker, Marcus & Millichap.
“Oxford Terrace will continue to provide residents of Chula Vista with a well amenitized, affordable community for generations to come,” said Christopher J. Zorbas, executive managing director in Marcus & Millichap’s San Diego Del Mar office.
Tom McCartin, senior vice president, investments in the office, added that the new ownership plans on “preserving the affordability component while enhancing the living experience through interior and exterior upgrades.”
Zorbas and McCartin represented the seller, Alpha Project. The buyer, a developer that was a subsidiary of Foster Hamilton, was procured by Zorbas, McCartin and Graeme Henderson, a senior associate in the firm’s San Diego Del Mar office.
The gated, affordable, community, built in 1972, features a low-density configuration with 40 one-bedroom/one-bath units, 80 two-bedroom/one-bath units, and 12 three bedroom/one-and-a-half bath units.
Common area amenities at the site, a Low-Income Housing Tax Credit property, include a basketball court, playground, picnic and BBQ areas, computer lab, laundry facilities, on-site management, 24-hour maintenance and on-site parking.
Oxford Terrace is located within two blocks of Chula Vista High School, Costco, Target and Walmart.
Marcus & Millichap (NYSE: MMI), is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
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