San Diego Refinance Indicative of High-Performing Market
- Oct 21, 2015
San Diego—The San Diego office of NorthMarq Capital recently announced the refinancing of Mission Pacific Apartments in Mid-City. The measure was arranged by NorthMarq Senior Vice President/Managing Director Eric Flyckt. The real estate financial intermediary sourced a total of $18 million from a life insurance company.
Located at 4454 44th St. in what is an increasingly desirable urban area of the city, Mission Pacific Apartments is a 132-unit multifamily community. Built in 1989, the property offers residents a mix of one-, two- and three-bedroom units. Residents at Mission Pacific have access to a swimming pool, spa, laundry facility, gate-controlled access and a clubhouse. The 2.5-acre property also has a covered parking facility that can accommodate up to 264 vehicles.
According to Yardi Matrix, units at the multifamily building range between 640 and 1,105 square feet of space. Average rents at Mission Pacific Apartments stand at $1,882, considerably above the MSA’s average that currently hovers around the $1,600 mark. According to the real estate data provider, San Diego is currently 7th in the nation in terms of rent growth, with rates currently more than 8 percent higher than they were 12 months ago.