Presidio View, a 350-unit apartment community in the San Diego suburb of Mission Valley, Calif., has changed hands for $155.7 million. Griffis Residential LLC purchased the property in a transaction facilitated by CBRE. The company’s San Diego office represented the seller, AEW Capital Management.
With an address at 1440 Hotel Circle North, the 14-year-old Presidio View spreads across a nearly 7-acre parcel. The community features one-, two- and three-bedroom units averaging 928 square feet. Apartments offer private balconies, 9-foot-high ceilings, in-unit washers and dryers, walk-in closets and storage. Electric-car charging stations are among the selection of common-area amenities.
In a statement, CBRE reported more than 40 investor tours were conducted, which resulted in would-be purchasers making more than 25 offers for Presidio View. Fueling the intense competition was the distinctiveness of the property, a very well-maintained community built in 2007 by Archstone, and in a prime area of the San Diego metro.
“We had a tremendous showing for the property, and a lot of demand from the buying community,” Kevin Mulhern, lead broker with CBRE’s San Diego office, told Multi-Housing News. “If there was any issue at all, it was just the supply pipeline in Mission Valley. There’s a handful of projects that are close to delivering, with probably 1,500 new units coming online over the next 18 to 24 months.”
“But the demand in San Diego is awfully strong. So this buyer and others that looked at it were confident that that new supply would be absorbed relatively quickly,” he added. Earlier this week, CBRE pronounced the multifamily market “stabilized.”
Located on Mission Valley’s western edge, Presidio View offers residents easy access to Interstate 8 and Highway 163. More than 820,000 employment positions are situated within a 10-mile radius of the apartment community.
The largest job hubs in the San Diego area are nearby. They include Kearny Mesa, downtown San Diego and UTC. The Fashion Valley Mall is walking distance. As well, the University of San Diego is a five-minute drive away. San Diego State University and the University of California San Diego can each be reached in about a 10-minute drive.