IDEAL Capital Group Purchases 105-Unit Multifamily Property in San Luis Obispo, California for $51MM

Los Angeles – Aug. 5, 2021 – CBRE announced the sale of Vintage at SLO, a 105-unit multifamily community in San Luis Obispo, Calif., to California-based real estate investment firm IDEAL Capital Group for $51 million.  
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Stew Weston, Dean Zander and Jef Henderson represented the seller, a joint venture between Newport Beach, Calif.-based real estate investment and development firm Capstone Commercial Properties and local developer and general contractor, Robbins | Reed. 

Construction of Vintage at SLO was completed in 2021 on a 5.1-acre site at 3554 Ranch  House Road. The 91,749 square-foot property is comprised of seven three-story buildings with  an average unit size of 874 square-feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces. 

“The developer delivered a true best-in-class community, as evidenced by the rapid leasing  velocity, lack of concessions and increase in rental rates throughout the lease-up period,” said  Zander. 

Added Kevin Conway, Managing Director at IDEAL Capital Group, “As a firm located in the heart of California’s Central Valley, we recognize the long-term value growth and high barriers to entry of Central Coast real estate. Vintage at SLO is an irreplaceable, high-quality asset located adjacent to technology companies, hospitals and Cal Poly San Luis Obispo.” 

The property is three miles from Cal Poly San Luis Obispo, a public university with an annual enrollment of approximately 22,000 students. 

​“We’re pleased to have developed and sold this one-of-a-kind community,” said Ricky Nelson, Vice President of Capstone Commercial Properties. “This project furthers our goal of developing unique apartment communities, investing in the Central Coast and expanding our apartment portfolio in the western U.S.”