VRP Buys Spanish Oaks Apts.
Author: Diana Heeb Bivona
New York-based VRP Spanish Oaks LLC purchased the Spanish Oaks Apartments for $18.65 million. The seller, Portico Spanish Oaks LLC based in San Francisco, sold the complex for approximately $86,343/unit, with a 6.1% cap rate at time of sale.
Located at 2301 S. Valley View Blvd., the 216-unit, two-story apartment complex totals 148,608 square feet and sits on 8.45 acres. The complex built in 1976 offers a mix of two- and three-bedroom units and features a resort style pool.