American Assets to Acquire $232M SoCal Community
- Mar 28, 2017
By Mihaela Coste
San Diego—American Assets Trust Inc. has recently entered into a purchase agreement for the 533-unit luxury community Pacific Ridge. The price of the San Diego asset is approximately $232 million, to be paid with a combination of cash on hand and funds drawn against the buyer’s existing credit facility. The seller of the property is Carmel Partners, with the transaction being structured to accommodate a possible 1031 exchange. The community built in 2013 is currently 97 percent occupied and, according to Yardi Matrix data, includes 30 affordable units.
Located on a 13.1-acre site at 5945 Linda Vista Road, the Class A property offers one-, two- and three-bedroom units featuring contemporary solid wood cabinetry, designer quartz counter tops, wood-style flooring, private balconies and patios, expansive windows and high ceilings. Community amenities include a fitness center, clubhouse, two swimming pools, two spas, subterranean parking and solar energy system for reduced electricity costs.
Pacific Ridge offers panoramic views of the ocean, its central San Diego location providing convenient access to the light rail system. The property is located close to interstates 5 and 8, offering easy access to the downtown area, sporting venues, numerous malls and retail centers, three universities and a plethora of dining destinations.
San Diego-based American Assets Trust has a portfolio of over 1,579 multifamily units, 3.1 million rentable square feet of retail and roughly 2.7 million square feet of office space throughout Southern California, Northern California, Oregon, Washington and Hawaii.
Image courtesy of Carmel Pacific Ridge