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Investor Finds Hospitable Climate in Del Mar

30 Jun 2015, 3:18 pm

By Alex Girda, Associate Editor

After a great 2014, Southern California’s hospitality market is off to another strong start. Looking to make a successful investment play on its home court is Southwest Value Partners, which recently acquired the DoubleTree San Diego Del Mar, a 224-key property located in the Del Mar Heights submarket. Bob Kaplan and Rod Apodaca, both senior vice presidents with CBRE Hotels, represented the seller, an affiliate of Fillmore Capital.

DoubleTree San Diego Del Mar

DoubleTree San Diego Del Mar

Only three years after the property’s most recent renovation, the new owner plans to improvements in order to continue providing upscale guest services. Completed in 1991, the facility offers access to I-5 and State Route 56.

In a statement, Southwest Value Partners said that Dimension Development Co. will stay on to operate the property under the DoubleTree by Hilton brand.

Image courtesy of doubletreesandiegodelmar.com

College Grove M-F Deal Points to Community Renewal

22 Jun 2015, 2:30 pm

By Alex Girda, Associate Editor

In 1986, College Grove was one of the city’s main areas of interest for redevelopment and renewal, with the now-defunct Redevelopment Agency focusing on the College Grove Shopping Center area. Three decades later, the area is undergoing accelerated gentrification, spurring investment and interest in properties near the retail center.

The Park Grove Apartments Colliers International’s San Diego Multifamily Advisory Group recently arranged the transaction of a 98-unit multi-family asset at 3635-75 College Avenue. In a $9.7 million deal, 3635 College Ave. L.L.C. acquired the property from the William R. Mundt Trust. According to Colliers, the new owner will rebrand the property and carry out major interior and exterior upgrades.

Known as Park Grove Apartments, the community is located on a 70,000-square-foot site and offers good access to nearby I-94. San Diego State University is two miles from the property.

The 58,814-square-foot property was built more than a half-century ago and comprises six two-story buildings. The unit mix at Park Grove Apartments features 45 two-bedroom apartments and 53 one-bedroom units.

Cornerstone, Presidio Team Up in Chula Vista

16 Jun 2015, 10:41 pm

By Alex Girda, Associate Editor

Eyeing a major expansion in Chula Vista, a joint venture of Presidio Residential Capital and Cornerstone Communities has acquired 44 acres in the Otay Ranch Village 2 master-planned community.

Otay Ranch’s original development plan was approved Chula Vista by the city more than two decades ago. The most substantial amendments were adopted in 2013 and mostly affected the boundaries of Village 8 and Village 9. That led to the provision of additional acreage for the development of the University and Innovation District area.

Presidio invested $18 million in development, and Cornerstone will handle all general contracting duties on the 227-home community. Otay 225 will feature single-family homes ranging in size from 1,800 to 3,400 square feet. Model homes are scheduled for construction in 2016.

Otay 225′s location on Heritage Road off Olympic Parkway will offer access to I-805, the Chula Vista Center, dining and entertainment, and high-quality medical services. Residents will also have access to the Otay Ranch Swim Club and local  hiking and biking paths.

Image courtesy of chulavistaca.gov

Mixed News on Home Sales from Realtors

10 Jun 2015, 8:09 pm

By Alex Girda, Associate Editor

Home prices in the San Diego region are growing steadily, outpacing the nation as a whole. Data released by the Greater San Diego Association of Realtors highlights the improvement; single-family assets traded on average for two percent more in May than they did in April, and around seven percent more than in May 2014.

San Diego Association of RealtorsThe median home price in the San Diego metro was about $530,000 in May.  A 57-year-old, 6-bedroom home in Del Mar commanded $11 million, the highest price paid last month for a single-family home in the county. Fallbrook recorded 69 transactions, the most of any submarket in the region.

However, sales volume decreased by around 10 percent compared to April. SDAR pointed out that 2,091 homes traded hands in May, a 4 percent drop from May 2014.

Prices for condos and townhomes increased 2 percent from May to April and about 6 percent year over year. The median sales price for condos and townhomes in San Diego County stands at around $348,000. In terms of volume, fewer units traded in May than in April, but the number of sales was up 3 percent compared to May 2014.

Lennar Takes Site in Little Italy for High-Rise

29 May 2015, 7:01 pm

By Alex Girda, Associate Editor

A vacant parcel in Little Italy has taken a major step toward becoming the site of a high-rise residential project. Lennar Multifamily Communities L.L.C. paid Chhatrala 520 Ash St. L.L.C. $12.8 million for the site at the corner of 520 W. Ash St. and 1446 Columbia St.

Lennar plans a 220-unit residential community with about 5,000 square feet of commercial space.

Victor Krebs of Colliers International’s San Diego office handled the off-market transaction on behalf of Lennar. The seller represented itself.

Little Italy has recently gone through gentrification and now has one of the lowest crime rates in San Diego’s core. Development is slowly intensifying as investors add to the pipeline, continuing the transformation of the old fishing community into a center of growth.

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