San Diego Multifamily Wrap-Up – June 2020
Capstone finances student housing project. El Cajon community sells for $16.3 million. Here's our June list of San Diego must-reads.
VIVA 5750. Image courtesy of Capstone Development Partners
At the start of June, San Diego appeared to be on the road to recovery, with efforts taken by state and local governments seemingly holding the pandemic at bay. However, by month-end, following a spike in new cases, county officials effectively paused the metro’s reopening processes. Although the city’s eviction moratorium is set to expire at the end of June, state orders allow for extensions through July. Even despite challenges facing the rental market, a number of multifamily deals closed this month. Read our June selection of San Diego must-knows:
1. DEAL – Berkadia closes $45 million portfolio sale.
Ed Rosen, John Chu and Tyler Sinks represented the seller of the 84-unit portfolio, architect Jonathan Segal. A private investor acquired the two properties, Park & Polk and The Fort. The first community, located at 4075 Park Blvd. in the Hillcrest neighborhood, is 2 miles from the second property at 1011 Fort Stockton Drive. The second asset also includes a 3,600-square-foot restaurant.
2. FINANCING – Capstone secures financing for 182-bed student housing project.
The developer and San Diego State University had originally secured a $23.5 million construction loan from Bank of America that covered the entire project cost. VIVA 5750 is a 80,000-square-foot development located by the southern entrance of campus at Montezuma Road and Campanile Drive. The development broke ground in May, and completion is scheduled for 2021.
3. DEAL – El Cajon community changes hands for $16.3 million.
According to Rentv.com, GLC Legacy Trust acquired Tribecca on Mollison, a 68-unit property, from The Johnson Trust. The asset last sold in May 2017 for $14.1 million, Yardi Matrix shows. Located on 2.8 acres at 520 S. Mollison, the community is within 1 mile of Interstate 8. Dave Savage of ACI Apartments assisted both the buyer and the seller.
4. DEAL – The Mogharebi Group completes $8.6 million El Cajon sale.
President Alex Mogharebi and Executive Vice President Otto Ozen represented the seller of Willow Creek, a 33-unit community. Capital One provided the buyer with $6.6 million in acquisition financing, according to public records. The property came online in 1987 and previously changed hands in 2015 for $6.3 million. The asset is located at 8410 Los Coches Road, within 5 miles of downtown El Cajon.
5. DEAL – Viewpoint Equities buys Mission Hills community.
A private investor sold the 120-unit Royal Apartments for approximately $16.5 million, according to San Diego Business Journal. The asset, built in 1966, is located at 1616 Guy St., less than 3 miles from San Diego International Airport. All of the property’s units are studios, with floorplans ranging from 318 to 360 square feet. Benn Vogelsang of South Coast Commercial brokered the deal.
