Sunstone Two Tree, a developer and operator of rental housing communities, has acquired Terraza Hills, a 200-unit apartment property in San Diego, for $45 million or $225,000 per unit.
The property was built in 1976 and still in its original condition. Sunstone Two Tree said it planned to “invest a significant amount of capital on upgrades,” with work beginning this month and slated to run for the next two years.
“According to CoStar, there were only 88 multifamily units delivered in 2024 to all of the East San Diego submarket, or 0.1% of the existing inventory,” said Scott Maddux, president and CEO of Sunstone Two Tree. “Furthermore, much of what does exist in the submarket is older, unrenovated product. As a result, it’s imperative to invest in and preserve the housing stock that’s already available in the area so that families can have affordable places to live now and in the future. We are looking forward to investing in the Terraza Hills community, enhancing it with thoughtful upgrades that make it a comfortable yet attainable place to live.”
