Terre at Vintage 110 7th St Immeuble residentiel 68 lots À vendre Ramona, CA 92065

We are pleased to present Terre at Vintage, 4 68-unit value-add opportunity located in Ramona, California. The property was built in 1987 on a 2.4-acre lot in the heart of Ramona.
The property features a strategic unit mix of 68 two-bedroom, one-bathroom units and has a strong 97% occupancy rate. Each unit averages 850 square feet and provides renters with complete appliance packages, large closets, and a private patio or balcony. Renovated units feature fresh paint, stainless-steel appliances, upgraded cabinets, quartz or Formica countertops, new light fixtures, kitchen backsplashes, vinyl plank flooring, as well as fresh window coverings. With these premium upgrades, renovated units are currently being rented at a premium of $376 (21%) over in-place rents for classic units. Community amenities include a sparkling swimming pool with sundeck, BBQ area, dog run, assigned parking, and convenient onsite laundry facilities.
With 56% of units still in classic condition, current ownership has implemented substantial renovations to 30 of the 68 units (44%) while having spent approximately $1.25 million on capital improvements to both communal and in-unit enhancements. There is potential to enhance the community living experience by improving both the BBQ and picnic area as well as upgrading the pool and sundeck. An investor can potentially achieve an additional $430 per unit upside on average (22%) by completing renovations across remaining classic units and making enhancements to communal areas.
Featuring late 1980’s construction, Terre at Vintage is located just two blocks from Main Street and is proximate to a Town Center teeming with a variety of retail, restaurants, galleries, entertainment, and service choices. Spectacular golf courses, a variety of wineries, beautiful landscape, and an abundance of recreational activities add to Ramona’s uniqueness. Job nodes are spread across the 78 and 15 corridors. General Atomics, one of the largest employers in North San Diego County with over 7,000 employees, is headquartered just 15 minutes away in Poway, alongside Amazon’s new 535,000-square-foot distribution facility, also located in Poway. Downtown San Diego, a Tier 1 employment center in the region, is also just 36 miles away.
Ramona, centrally positioned within San Diego County, is a submarket characterized by low vacancy and transaction velocity. It has been over 10 years since an asset larger than 50 units has transacted outside of the large portfolio sale precedent to this offering. With only 10 properties in Ramona that exceed 50 units, Terre at Vintage is one of the few, making this an incredibly rare opportunity. The submarket has experienced limited available product, contributing to its low transaction velocity. Given the scarcity of new inventory in Ramona, Terre at Vintage presents a unique value-add opportunity in a market fortified with structurally low vacancy and limited inventory.
Please reach out to Chris Zorbas at czorbas@ipausa.com for the OM and Deal Room access.