SENTRE Bags $13M for San Diego Community

CVG Properties Inc. acquired Carlton Heights Villas, a 70-unit apartment community in the neighborhood of Santee. The property had an occupancy rate of 98.6 percent as of last month, following a major makeover.
Carlton Heights Villas, San Diego

Carlton Heights Villas, San Diego

CVG Properties Inc. has acquired Carlton Heights Villas, a 70-unit apartment community in the Santee neighborhood of San Diego for $13 million, or $185,000 per unit. Berkadia represented the seller, SENTRE (dba Carlton Heights Villas LLC).

Value-add renovation

SENTRE purchased the community for $7.9 million, or $113,000 per unit, in 2011, and implemented significant interior and exterior improvements. Located at 9705 Carlton Hills Blvd., the property features one- and two-bedroom floor plans with hardwood-style flooring in kitchens, upgraded designer faucets and light fixtures, air conditioning, ceiling fans, dining rooms, mirrored closet doors and modern two-tone paint. Select units feature private balconies and patios, pantries, walk-in closets and baths. Property amenities include a fitness center, swimming pool and jacuzzi with a resort-style cabana, barbecues, clubhouse, covered and assigned parking and two modern laundry facilities.

The class B asset was built in 1979 and had an occupancy rate of 98.6 percent last month, according to Yardi Matrix. The property is minutes from the Santee Trolley Square and Mission Trails Regional Park.

Berkadia’s Managing Director Ed Rosen and Director Kyle Pinkalla represented the seller. The team also closed San Diego’s largest apartment transaction earlier this year, valued at $232 million.

Images courtesy of SENTRE