Walker & Dunlop, Inc. announced recently that it arranged the USD 185,000,000 sale of Preserve at Melrose, a suburban multifamily community built in 2015 that comprises 410 units in Vista, one of San Diego’s most sought-after north county neighbourhoods.
This sale represents the second largest single-asset transaction in San Diego and the fifth largest in California year-to-date in 2024. The Walker & Dunlop Investment Sales team, led by Hunter Combs, represented the seller, a local San Diego based group, and buyer, Mesirow.
“San Diego remains a top target nationally for investors, making up 10% of all U.S. multifamily transactions over USD 150 million and 23% of those in California, year-to-date since 2023,” said Hunter Combs, managing director of Investment Sales at Walker & Dunlop. “San Diego’s market strength is propelled by its historically consistent rent growth, strong fundamentals and high barriers to entry. The influx of life science surrounding UCSD and big tech companies establishing their presence here, in addition to the long-standing defense industry underscores San Diego’s exceptional market resilience and attractiveness for investors.”
“We were pleased to collaborate with Walker & Dunlop in the purchase of the Preserve at Melrose,” stated Alasdair Cripps, chief executive officer of Mesirow Institutional Real Estate Direct Investments. “The Preserve’s expansive amenity set, transit-oriented location and proximity to key employment centers make it one of north county San Diego’s most attractive multifamily properties, and we look forward to serving this community.”
Located in the Vista submarket of San Diego, preserve at Melrose is minutes from downtown Vista and transit oriented being adjacent to the light rail stations. The property is located off State Route 78, providing residents with direct access to major employment hubs along the 78 corridors, including Vista, Oceanside, Carlsbad, San Marcos, and Escondido. The multifamily community offers one-, two-, and three-bedroom apartments with resort-style amenities, all set within a serene, low-density garden-style setting.
