Equity Residential Buys San Diego Community
Berkadia represented the seller, JPI Cos., in the transaction.
Equity Residential has acquired Jefferson Pacific Beach, a 172-unit community in San Diego. The seller was JPI Cos., which developed the property in 2020.
Berkadia Institutional Solutions completed the transaction on behalf of JPI. The asset is subject to a $69.7 million loan that was secured by CBRE Capital Markets, Yardi Matrix data shows.
The garden-style community offers studio, one-, two- and three-bedroom apartments, ranging in size from 558 square feet to 1,773 square feet, with private balconies and patios in select units. Amenities include a fitness center, business center, clubhouse, pool and spa, as well as 13,862 square feet of retail.
Located at 4275 Mission Bay Drive, Jefferson Pacific Beach is within 4 miles of Mission Beach and SeaWorld San Diego. Garnet Ave., which offers a variety of dining and shopping options, including Vons, Trader Joe’s and Sprouts Farmers Market, is one and a half mile away from the community.
While Equity Residential’s expansion strategy mostly focuses on Denver, Dallas, Austin, Texas, and Atlanta, the San Diego transaction represented an opportunity for the firm to acquire a well-located asset in a market with strong fundamentals, according to a prepared statement by Ian Couwenberg, vice president of acquisitions at Equity Residential.
Just last month, the firm bought two assets in Denver, totaling 594 units. Equity Residential’s portfolio now includes more than 80,400 units across the country, of which 2,874 are in San Diego County.