San Diego Multifamily Wrap-Up – March 2020

La Mesa community sells for $35 million. Historic building slated for redevelopment. Here's our March selection of San Diego must-reads.
937-939 Fifth Ave. Image courtesy of Colliers

San Diego’s multifamily activity started the month at a moderate pace, mostly concentrated across a number of smaller acquisitions. In one of the largest deals, a 110-unit suburban community traded for $35 million. As concerns surrounding the COVID-19 pandemic began to mount, Governor Newsom’s March 17 shelter-in-place order had a chilling effect on the market. Read our March list of San Diego multifamily must-knows:

1. DEAL – La Mesa community trades for $35 million.

Universe Holdings acquired Serena Vista, a 110-unit Class C community, from an affiliate of Cirrus Asset Management. Institutional Property Advisors assisted the seller. The asset is located on 5 acres at 5810 Amaya Drive and comprises 18 buildings developed in 1971. The floorplans average 950 square feet. 

2. DEAL – Vintage Gaslamp District property changes hands.

The new owner of the three-story, 7,500-square-foot commercial building plans to redevelop the property for residential use. Colliers represented the seller, UBS Properties, in the $1.8 million deal. Green World Realty acted on behalf of the buyer. The asset is located at 937-939 Fifth Ave. in downtown San Diego, and was originally opened in 1911 as the Manhattan Hotel & Restaurant.

3. DEAL – Generations Healthcare buys El Cajon skilled nursing facility.

The 56-bed acquisition brings the company’s footprint to eight facilities in the metro and 29 across the U.S. The property is located at 675 E. Bradley Ave. and comprises two buildings. The Bradley Court Special Care Center specializes in treating patients with physical ailments who also have a secondary diagnosis of mental illness.

4. DEAL – CBRE arranges Normal Heights apartment sale.

The multifamily property located at 4525 Felton St. changed hands for $2.9 million. According to San Diego Business Journal, the two-story, 5,000-square-foot asset came online in 1979 and has eight two-bedroom units. Gold Bear Group, an affiliate of South Coast Commercial, acted on behalf of the seller.