Los Angeles – Aug. 5, 2021 – CBRE announced the sale of Vintage at SLO, a 105-unit multifamily community in San Luis Obispo, Calif., to California-based real estate investment firm IDEAL Capital Group for $51 million.
Stew Weston, Dean Zander and Jef Henderson represented the seller, a joint venture between Newport Beach, Calif.-based real estate investment and development firm Capstone Commercial Properties and local developer and general contractor, Robbins | Reed.
Construction of Vintage at SLO was completed in 2021 on a 5.1-acre site at 3554 Ranch House Road. The 91,749 square-foot property is comprised of seven three-story buildings with an average unit size of 874 square-feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces.
“The developer delivered a true best-in-class community, as evidenced by the rapid leasing velocity, lack of concessions and increase in rental rates throughout the lease-up period,” said Zander.
Added Kevin Conway, Managing Director at IDEAL Capital Group, “As a firm located in the heart of California’s Central Valley, we recognize the long-term value growth and high barriers to entry of Central Coast real estate. Vintage at SLO is an irreplaceable, high-quality asset located adjacent to technology companies, hospitals and Cal Poly San Luis Obispo.”
The property is three miles from Cal Poly San Luis Obispo, a public university with an annual enrollment of approximately 22,000 students.
“We’re pleased to have developed and sold this one-of-a-kind community,” said Ricky Nelson, Vice President of Capstone Commercial Properties. “This project furthers our goal of developing unique apartment communities, investing in the Central Coast and expanding our apartment portfolio in the western U.S.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.