R&V Management Acquires San Diego-Area Community
The 230-unit community in La Mesa, Calif., was completed in 2022.
R&V Management Co. has acquired another community in La Mesa, Calif., from JPI, growing its presence in the San Diego metro.
Walker & Dunlop’s Hunter Combs led a team that arranged the purchase of the Jefferson La Mesa community, which closed earlier this week. According to Yardi Matrix data, the sale had the help of an approximately $65.8 million loan from Fannie Mae that was originated by Wells Fargo Bank. The total purchase price could not immediately be learned.
JPI developed the 230-unit Jefferson La Mesa in 2022 alongside the Kitzman family, which has owned the site the community was built on for years. The apartment community offers studio, one-, two- and three-bedroom units, ranging from 483 to 1,530 square feet. The apartments were constructed with rainfall showerheads, quartz countertops, USB charging stations and washer and dryer units, while select units also offer patios or balconies, built-in tech desks and step-in showers. Community amenities include a pool, spa, social lounge, fitness center, library and pet park, as well as grilling stations, conference rooms, package lockers and poolside cabanas.
Located at 4949 Baltimore Drive, the community is within walking distance to La Mesa’s business district and near many restaurant and retail options, as well as the La Mesa Blvd Station, which is on the Orange Line of the San Diego Metropolitan Transit System’s trolley service. The property is also approximately 10 miles from downtown San Diego and its attractions, which include the San Diego Zoo, Petco Park and the San Diego Convention Center.
Growing San Diego footprint
Since its founding in 1979, R&V Management has amassed a portfolio that includes 63 communities totaling 17,746 units for a total portfolio value of more than $7 billion. The company’s portfolio includes several communities in the city of La Mesa, as well as properties in the surrounding San Diego metro.
R&V Management has been consistently growing its presence in the San Diego metro, acquiring the 374-unit Hanover Mission Gorge for $149 million in May 2019 through its affiliate, Mission Gorge Investors. More than a year later, an affiliate of R&V Management acquired the 129-unit AV8 community that’s also in San Diego.