Clovis-based IDEAL Capital Group purchased Vintage at SLO, located at 3554 Ranch House Rd., for $51 million. Image via vintageslo.com
A Clovis-based investment group announced the acquisition of a San Luis Obispo apartment building.
IDEAL Capital Group purchased Vintage at SLO, located at 3554 Ranch House Rd., for $51 million.
IDEAL Capital Group acquires, manages and develops multifamily housing on behalf of institutional and private equity investors.
The complex has 105 units, which were originally designated as townhouse units for sale. The units offer studio, one and two-bedroom layouts with select private garages.
The complex was built in 2020 and includes a pool and spa, fitness center and an outdoor workout area. It also includes a dog washing station, community lounge and coffee bar. The apartment complex is a short drive from downtown San Luis Obispo
IDEAL represented its private client investors in the purchase. Banc of California financed the acquisition.
“As a firm located in the heart of the Central Valley, we recognize the long-term value growth and high barriers to entry of Central Coast real estate,” said Kevin Conway, managing director at IDEAL Capital Group. “Vintage at SLO is an irreplaceable, high-quality asset located adjacent to technology companies, hospitals and Cal Poly San Luis Obispo.”
Cal Poly SLO is a key driver in the apartment demand, as it’s a large employer and the second largest land-holding university in California. The university also generates $469 million annually in economic impact.
CBRE, a commercial real estate company, represented the seller through its Newport Beach Multifamily team, led by Dean Zander and Stewart Weston.