A 1.20-acre parcel of land in Vista has been sold for $2.65 million, a real estate brokerage has announced.
Aaron Bove and Rick Puttkammer, investment specialists in Marcus & Millichap’s San Diego Del Mar office, represented seller, a limited liability company. The buyer, another limited liability company, also was secured by the duo.
The site, according to the firm, is “an ideal location for a modern multi-family development.”
“Southern California has been grappling with a housing crisis, resulting in challenges related to affordability and the availability of suitable housing options for residents,” Bove said. “In response to this pressing issue, the rise of build-to-rent properties has provided a viable solution to address the housing shortage and cater to the evolving needs of the community.”
The site, 600 East Vista Way, offers access to shopping centers, entertainment venues, schools and public transportation.
“Build-to-rent developments have gained widespread popularity due to the array of benefits they offer. These properties provide individuals and families with the opportunity to secure stable housing in desirable locations without the commitment of homeownership,” added Bove.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
