By Joshua Ayers, Senior Editor
San Diego—San Diego-based Sunrise Management has announced the addition of four properties to its multifamily portfolio, adding 477 units to its portfolio of more than 5,300 units in the region.
“We’re excited to have the opportunity ourselves to realize better NOI and operations at these properties,” Sunrise Management CEO and President Joe Greenblatt tells MHN.
Sunrise, a privately owned firm with regional offices in Sacramento, Las Vegas and Phoenix, will oversee the marketing, leasing and other day-to-day responsibilities for the four properties.
“These new properties expand our home town presence, well positioning us for further growth in the region,” he says.
The four communities include Pacific Gardens UTC, Pacific Gardens North Park, Woodlawn Colonial and Village apartments. The ownership of the assets included three separate entities, with one owning both of the Pacific Gardens properties.
The first property, Pacific Gardens UTC, is a 156-unit property located in the University Town Center neighborhood near the upscale La Jolla section of the San Diego County coastline and offers one- and two-bedroom floor plans. Built in 1976, the pet friendly community has and outdoor pool and spa and residences feature in-unit washer and dryers, walk-in closets, crown molding and patios and balconies. It is located within close proximity to the University of California, San Diego and about a 10 minute drive north of Downtown San Diego.
Pacific Gardens North Park is located in the culturally diverse North Park neighborhood and offers residents convenient access to an assortment of retail, entertainment and dining locations, as well as recreational and cultural sites such as Balboa Park and its assortment of museums and performance venues. The community’s 91 units are spread across seven different buildings that are estimated to have been built between the late ’70s and early ’80s, and offer spacious floor plans of one- and two-bedrooms, with an on-site pool and other in-unit features including air conditioning, fireplaces, window coverings and patios and balconies.
The third property, Woodlawn Colonial, is located south of San Diego in Chula Vista with easy access to major thoroughfares such as Interstate 5 and Highway 54. Woodlawn’s 160 units are comprised of one- and two-bedroom apartments and the community amenities include two pools, three laundry centers, outdoor barbecue areas and ample parking. Woodlawn was constructed in 1972.
Rounding out the list is the 170-unit, early 1940s-era Village Apartments in the centrally-located Linda Vista neighborhood near the University of San Diego. The community’s location offers easy access to major San Diego hotspots including Mission Bay, Mission Valley and Tecolote Canyon.
While marketing and leasing plans are still in the works, Greenblatt says that the approach for these four properties will look to improve operations through technology—something he says Sunrise Management pursues at all of its multifamily properties.
“We’re looking to grow income; we’re looking to operate properties in a more management-sensitive way to manage the difficult plans better in some cases, and to manage delinquencies and resident profiles,” he says.