San Diego Community Trades for $23M
Property West Residential purchased the 60-unit Class B multifamily asset near one of the city's major universities.
Property West Residential has acquired the 60-unit La Jolla Park West in San Diego for $22.5 million. Berkadia assisted seller Hunt Pacific Management Corp. in the Class B disposition.
Built in 1987, the asset comprises one- and two-bedroom apartments with private patios and balconies. Floorplans range from 780 to 900 square feet. The property’s amenity mix includes a swimming pool, a spa, shared garages, a clubhouse and laundry facilities. According to Yardi Matrix, the community was 95 percent occupied as of October.
Located at 5165 Luigi Terrace on 10 acres within the metro’s University City submarket, the three-building property is positioned between interstates 5 and 805, 12 miles north of downtown. The University of California San Diego is approximately 3 miles northwest.
Berkadia’s team included Managing Directors Ed Rosen and John Chu and Associate Director Tyler Sinks. In February, the same team arranged the sale of a two-property, 44-unit portfolio nearer to the urban core for $28 million.