San Diego Multifamily Wrap-Up – May 2020

San Ysidro apartments land $21 million refi. Lemon Grove asset trades for $17 million. Here's our May selection of San Diego must-reads.
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Although California’s economy began to reopen in May, San Diego is in a precarious position. Responding to record-high unemployment, San Diego’s city council extended its eviction moratorium by an additional month, now set to lapse at the end of June. Multifamily investment was sluggish, though the metro was not at a complete standstill: Development work pressed on, and several smaller suburban deals closed. Read our May selection of San Diego must-knows: 

1. FINANCING – Affordable San Ysidro community scores $20.8 million FHA loan.

Standard Communities took the loan for its 161-unit Rio Vista Apartments. Hunt Real Estate Capital provided the 35-year mortgage, which refinanced a previous FHA 223(f) loan the borrower obtained in 2014. The property is located at 1190 W. San Ysidro Blvd., and consists of 12 two-story buildings.

2. DEAL – Escondido apartments trade for $9.4 million.

According to Rentv.com, HomeSmart Realty West represented the buyer, Kenwood LLC, while ACI Apartments assisted the seller, Green Harvest Enterprises. The 39-unit community came online in 1978 and is located at 1440 N. Broadway. The property has a mix of two-bedroom floorplans and 33 parking spaces.

3. DEAL – Marcus & Millichap brokers 81-unit suburban community sale.

The company assisted the Buege Family Trust with its acquisition of Broadway Manor from two private investors, according to San Diego Business Journal. The asset traded for $17 million. The property, opened in 1980, is located at 8413-8427 Broadway in Lemon Grove. The community has one- and two-bedroom units, with floorplans ranging from 650 to 800 square feet.

4. DEVELOPMENT – KCM Group to manage $30 million affordable housing project.

Wakeland Housing and Development Corp. is building the 44,000-square-foot, four-story property. The site is located on Glacier Avenue in the Grantville neighborhood, between Mission Gorge Road and Riverdale Street. Upon completion in October 2021, Trinity Place will offer 74 studio age-restricted apartments for chronically ill renters with histories of homelessness.