San Luis Obispo apartment complex sells for $51 million

August 3, 2021

By KAREN VELIE

An investment group recently purchased Vintage at SLO, a 105 unit apartment complex located in San Luis Obispo on Ranch House Road, for $51 million.

Built in 2020, the complex includes a pool and spa, fitness center, an outdoor workout area, dog washing station, community lounge and coffee bar. There are 28 studios, seven one bedroom and 56 two bedroom apartments.

IDEAL Capital Group, based in Clovis, announced the acquisition on Tuesday. The group acquires, manages and develops multifamily housing on behalf of institutional and private equity investors.

“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.”

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gail Lightfoot

At that price what will be the rents?


Cthulhu Colander

If a PCR test I don’t complain. Crazy


Cthulhu Colander

28 + 7 + 56 = 91 Who is using Common Core maths?


Jorge Estrada

I think they really recognize the clean air, comfortable weather and where the aged wealthy want to live.


Jorge Estrada

Then again 105 condo units may be the quick money plan or 105 assisted living .units for the long-term option, 30 years then trade up for a bigger paycheck.


fortyonethirty

That sucks. $51m is about the same as the lifetime earnings of 30 americans. So these 105 apartments are each over a quarter of a lifetime of earnings. A quarter of your life of work equals one apartment. That’s not sustainable.


Cthulhu Colander

Fortnightly. I Jane no skin in the game. Best Wishes


RalphKane

Bully for the seller! Wouldn’t wanna be a landlord for anything in this state right now.