Universe Holdings Pays $35M for San Diego Asset

The Class C, 110-unit community last traded in 2016 for almost $21 million.
Serena Vista
Serena Vista

Universe Holdings has purchased Serena Vista, a 110-unit community in La Mesa, Calif. The value-add investor paid $34.5 million for the Class C property sold by 5810 Amaya LLC, an affiliate of Cirrus Asset Management. Institutional Property Advisors represented the seller and procured the buyer in the deal. According to Yardi Matrix data, Serena Vista last traded in 2016 for $20.8 million.

Situated on more than 5 acres at 5810 Amaya Drive, the community consists of 18 two-story buildings developed in 1971. The unit mix features one- and two-bedroom floorplans averaging 950 square feet. Amenities include a clubhouse, swimming pool and two laundry facilities. Yardi Matrix data shows the property was 93.6 percent occupied as of January.

Serena Vista is 13 miles northeast of downtown San Diego, just north of Interstate 8 near State Route 125. Nearby employers include Sharp Grossmont Hospital, the largest healthcare facility in East San Diego County, and Grossmont College. Adjacent to the hospital is Grossmont Center, a 1.2 million-square-foot regional shopping mall.

IPA Senior Managing Directors Christopher Zorbas and Alexander Garcia Jr. brokered the transaction. In January, another IPA team represented both parties in the $62.5 million sale of a 232-unit property in Santa Clarita, Calif.