Pembrook Provides $19M for San Diego Affordable Asset
The acquisition and renovation loan facilitated the property's first sale in two decades.
Pembrook Capital Management LLC has provided $19.4 million in first mortgage financing for the acquisition and renovation of The Ballpark Place Apartments, a 100-unit affordable housing community in San Diego. Financing will be used for both interior and exterior renovations.
Forbix Capital Corp. purchased the property from Jones, Richard & Lavonda for $21 million, according to Yardi Matrix data. The community previously traded two decades ago.
The Ballpark Place Apartments caters to residents earning below 80 percent of the area median income. The owner plans to reserve most apartments for Section 8 tenants, under the San Diego Housing Commission’s Choice Communities initiative.
Completed in 1978, the four-story building incorporates one- and two-bedroom apartments ranging between 405 and 750 square feet. Amenities at The Ballpark Place include a fitness center, laundry facilities, private balconies and patios and some 150 parking spaces.
Formerly known as Pacifica Villas, the community is located at 229 16th St., near the intersection of Route 94 and Interstate 5. Situated in an Opportunity Zone in core San Diego, the community is within walking distance of numerous retail centers, dining options and entertainments venues. San Diego International Airport, Columbia College-MCRD San Diego, Naval Medical Center and Balboa Park are all within a 5-mile radius.