San Diego Apartments Fetch $32M
- Jan 25, 2018
Real Asymmetry and Constellation Realty Management acquired Asana at North Park Apartments, a 132-unit apartment community in San Diego for $32.3 million, from a trio of investors—Alex. Brown Realty Inc., Arc Capital Partners LLC and New Standard Equities, Inc.
JLL Capital Markets team facilitated the deal on behalf of the seller and arranged financing for the buyer.
“Asana at North Park was a rare opportunity to acquire a large, 132-unit multifamily property in North Park; it’s the only multifamily property in North Park with more than 80 units and one of only three with more than 50 units,” Darcy Miramontes JLL’s executive vice president, told MHN. “The property’s access to all of North Park’s trendy amenities, central location in Uptown, and proximity to San Diego’s largest employment hubs and retail centers made it attractive to residents and investors alike.”
Located at 3710-3810 Wabash Ave., the property features one- and two-bedroom units that offer newly renovated interiors, air conditioning, wood-plank-style vinyl flooring, dual-pane windows and quartz countertops. Amenity-wise, Asana offers residents a swimming pool, barbecue and picnic area, dog park, controlled access, fitness center, elevators and laundry facilities on every floor.
“The property had undergone a renovation program and the sellers wanted to capitalize on rising rental rates,” Miramontes said. “JLL received a high amount of interest in the opportunity; more than 80 groups evaluated the property and we received over 10 offers.
Asana is within walking distance of the heart of North Park, ranked the 13th best hipster neighborhood in the U.S. by Forbes Magazine.
“North Park is known for its restaurants, microbreweries, shops, boutiques, art galleries and entertainment venues,” Miramontes said. “The area receives frequent recognition as one of San Diego’s hippest neighborhoods.”
Joining Miramontes on JLL’s Capital Markets team was Kip Malo. JLL’s finance team wasa led by Zane Sweet.
According to Miramontes, the buyer plans to install their regional management and make renovations to the property as necessary.