Berkadia Closes Record Sale in Encinitas
Property West Residential purchased a 120-unit community in San Diego County for $53 million from Equity Residential.
By Ariela Moraru
Property West Residential purchased Encinitas Heights, a garden-style community in Encinitas, Calif., for $53 million, a record-setting price-per-unit in the city. Berkadia represented the seller, Equity Residential, which acquired the 120-unit property in 2013 as part of a portfolio transaction. The property had a 96.7 percent occupancy rate in June 2017, according to Yardi Matrix.
Located at 1100 Garden View Road, the three-story property features one-, two- and three-bedroom apartments with in-home washers and dryers, central air conditioning and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rentable clubhouse. The asset affords convenient access to Interstate 5, the nearby beach community Cardiff by the Sea, Encinitas Ranch Town Center, Downtown Encinitas and Encinitas Ranch Golf Course.
“Encinitas Heights was built in 2002, making it the newest multifamily project within the highly desirable residences of Encinitas, Calif.,” said Berkadia Managing Director Ed Rosen in prepared remarks. “This local investor has paid a record-setting highest price-per-unit in Encinitas, prior to even factoring in the community’s affordable units. And while few sales have occurred over the past couple of years, the market remains strong, as most owners are long-term holders who are trying to build a bigger presence within this market.”
Rosen, together with Managing Director John Chu and Directors Kyle Pinkalla and Erin Dammen of Berkadia’s San Diego office, represented the seller. Rosen and Pinkalla also closed the sale of a 70-unit community in San Diego for $13 million last month.
Image courtesy of Encinitas Heights