Olympus Property Acquires San Diego Luxury Asset

Homefed Corp. developed the 272-unit property in Chula Vista, Calif.

The Residences at Escaya. Image courtesy of Olympus Property

Olympus Property has acquired a 272-unit luxury multifamily community, The Residences at Escaya, in Chula Vista, Calif. The seller was Homefed Corp., according to Yardi Matrix data.

Homefed broke ground on the project in 2018, financing its construction with a $58.8 million loan originated by Zions Bank. The development team also included AO Architects and ReyLenn Construction Co., which served as general contractor.

Completed in 2020, the Class A property encompasses 15 buildings with one-, two- and three-bedroom floorplans ranging between 784 and 1,560 square feet. Common-area amenities include a 30,000-square-foot walkable retail village, as well as a fitness center, swimming pool, playground, clubhouse and outdoor lounge with grilling areas. Apartments have dual panel doors, high ceilings, open layouts and large kitchens, as well as private patios or balconies.

Located at 1925 Avenida Escaya in the Otay Ranch neighborhood, the community has easy access to downtown San Diego and several key job centers like UTC, Mission Valley and Kearny Mesa. There are many dining options, retail spaces and entertainment venues in the area. Otay Open Space Preserve and Southwestern College are within a 10-mile radius.

Olympus Property’s portfolio comprises more than 27,000 units under ownership and management across 14 states. The firm recently paid $41.9 million for a 192-unit community in Raeford, N.C. The property last traded in 2017, when the current seller bought it from EB Real Estate Group for $21.1 million.

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