Pacific Urban Grows San Diego Footprint With $82M Buy
The property previously traded in 2012 in a $77 million portfolio transaction.
Pacific Urban Investors has paid $82 million for Terra Nova Villas, a 233-unit community in Chula Vista, Calif., and rebranded it to The Emery at Terra Nova.
A $41 million Fannie Mae loan from Berkeley Point Capital financed the acquisition, public records show. Jackson Square Properties sold the suburban San Diego asset with the assistance of Berkadia.
The 1985-completed property previously traded in a $77 million portfolio transaction that also included a 183-unit community also in Chula Vista, Yardi Matrix data shows. BRE Properties sold the two assets in December 2012.
The garden-style community encompasses 16 two-story buildings across 3.4 acres. The unit mix consists of one- and two-bedroom floorplans, ranging from 650 to 900 square feet. Apartments feature private balconies or patios and washers and dryers in select units.
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Common-area amenities include a swimming pool and spa, clubhouse, fitness center, business center, barbecue and picnic area, along with a dog park. Additionally, the community has two playgrounds, two laundry facilities and more than 520 parking spaces.
Located at 440 E. H St., the property is within walking distance of the Terra Nova Plaza shopping center. Downtown Chula Vista is 3 miles away, while San Diego International Airport is some 13 miles northwest.
Berkadia Senior Managing Directors Rachel Parsons and Derrek Ostrzyzek, along with Senior Director Mike Murphy, arranged the deal. The trio was also part of the team who last year brokered the sale of Angelene Apartments, a 179-unit luxury asset in West Hollywood, Calif.
Pacific Urban’s San Diego holdings
Pacific Urban Investors’ portfolio comprises roughly 21,000 units across the U.S. and is valued at $7.9 billion. The current purchase brought the firm’s San Diego footprint to more than 2,480 apartments, Yardi Matrix shows.
Another one of its San Diego holdings is a 400-unit community that was acquired in July from an undisclosed seller. The property, rebranded it as Allina La Jolla, came online in 1986.
