Chula Vista just saw a big local money move: investor Daniel Altbaum has picked up Cambridge Apartments, a 41-unit garden-style complex at 660 F Street, for $10 million. The mid-1960s property quietly changed hands this week, keeping it in the orbit of a family that says it has been doing business in the city for more than six decades.
Deal details
According to CoStar, Altbaum acquired Cambridge Apartments for $10,000,000. Traded also reported the sale, pegging the price at roughly $243,902 per unit and identifying the seller as Joseph O'Keefe.
Property and condition
Listing materials on LoopNet show the complex totals about 25,940 square feet on roughly 1.07 acres, with mostly one-bedroom floorplans plus on-site parking, a swimming pool, gated access and community laundry. CommercialCafe notes that about half the units have already been renovated.
Brokers and buyer plans
The deal was marketed to investors, and Traded reports that the buyer was represented by Abe Peay and Jeff Diller of BridgePoint Realty, while Jim Neil handled the sale for the seller. Altbaum told Traded, “My family has owned and operated businesses in Chula Vista for over 65 years,” framing the purchase as a continuation of that long-running local presence rather than a fly-in, flip-it play.
Where this fits in the market
The roughly $244,000 per-unit price lands well below recent metro averages, a gap that lines up with the building’s age, one-bedroom-heavy unit mix and value-add profile. Research from Matthews Research places San Diego’s average multifamily sale price per unit in the high-$300,000s to low-$400,000s, with cap rates drifting into the mid-4 to 5 percent range, which helps explain how a C-class, 1960s asset pencils out at this number. For additional context, see Kidder Mathews as well.
What renters might see next
Neither side has rolled out splashy public plans for rebranding, major renovations or sharp rent hikes. Marketing materials largely highlight existing amenities and the already-completed unit upgrades. For now, this looks like a classic local buy-and-hold play, with gradual improvements more likely than any sudden overhaul or redevelopment push.
