Case Study: Alpine Portfolio, Elán Summit & Meadow Woods

Two garden-style communities totaling 234 units sold together off-market for $54,100,000 in June 2021. Arby Eivazian and Dave Savage co-represented the seller while at ACI Apartments.

Sale snapshot

• Sale price: $54,100,000

• Properties: Elán Summit at Alpine (2660 Alpine Blvd) and Meadow Woods at Alpine (1539 Tavern Rd)

• Units: 234 total (Elán Summit 108, Meadow Woods 126), sold as one portfolio

• Year built: 1987 (Elán Summit), 1986 (Meadow Woods)

• Structure: Off-market portfolio sale

• Buyer: FPA Multifamily, LLC

• Representation: Seller (Property West Residential), co-represented with Dave Savage while at ACI Apartments

• Closed: June 2021

The properties

Elán Summit at Alpine: 108 one- and two-bedroom units on 4.5 acres, about 81,900 rentable square feet and 165 parking spaces, near I-8.

Meadow Woods at Alpine: 126 units, mostly two-bedroom plus one three-bedroom house, on 8.7 acres with about 115,040 rentable square feet and 236 parking spaces.

How the sale came together

The owner wanted a discreet sale of two large communities without a public listing. Rather than market the portfolio broadly, we packaged it for a short list of qualified buyers whose acquisition criteria matched suburban, garden-style assets of this scale. FPA Multifamily acquired both communities in a single off-market transaction.

What the buyer was paying for

• Scale in a submarket with little competing apartment supply

• Two communities with established operations and long-term renovation runway

• Location along the I-8 commuter corridor, with large unit sizes relative to central San Diego

What it means for owners of smaller buildings

The same buyer logic applies at 4 units or 40: buyers pay for in-place income they can verify and for a credible plan to grow it. Off-market sales can work when privacy or certainty matters more than maximum exposure. That trade-off is worth discussing before you choose a sale strategy.

"Of the various suburbs across San Diego County, Alpine is a hidden gem." Arby Eivazian, quoted in ConnectCRE (June 2021)

Press: ConnectCRE, FPA purchases off-market 234-unit multifamily portfolio

Thinking about selling an apartment building in San Diego County?

Every building prices differently. A confidential valuation looks at your actual rent roll, current market rents, recent comparable sales and what buyers in your submarket are paying today.

• Request a confidential property valuation

• See how we sell apartment buildings

• Browse more case studies