Wood Partners Sells San Diego Community

Valentina by Alta. Image courtesy of Walker & Dunlop

Wood Partners has sold off its luxury waterfront community by the San Diego Bay to TA Realty for an undisclosed price. Walker & Dunlop’s Hunter Combs, Greg Engler and Blake Rogers served as broker and advisor for Wood Partners.

Wood Partners completed Valentina by Alta in the summer of 2019, its second multifamily property in San Diego. The 110-unit community offers studios, one- and two-bedroom apartments ranging in size from 537 to 1,604 square feet. The luxury residential building was built with more than 15,000 square feet of amenity space including a fitness center with yoga and spin studios, business center, sky and bay terrace, pool, clubhouse, courtyard, surfboard and bike storage and a weekly happy hour from 5 to 6 p.m. According to Yardi Matrix data, the community is 85.5 percent occupied.

The community is located at 1919 Pacific Highway within San Diego’s Little Italy neighborhood that’s home to popular restaurants, bars and coffee shops. The property is also located near six major freeways and within driving distance of the area’s employment hubs.

RETAINED FOR PROPERTY MANAGEMENT

Earlier this month, Wood Partners’ property management division was tapped to manage three of TA Realty’s communities, including Valentina by Alta. Prior to the sale, TA Realty retained Wood Residential Services to manage Valentina by Alta as well as Alta North Central in Phoenix and Alta Green Mountain in Lakewood, Colo.

Despite selling its luxury community by San Diego Bay, Wood Partners still has a number of other high-end properties in California. In September, the developer debuted its 172-unit community, Alta Potrero, in San Francisco that offers studios, one-, two- and three-bedroom units. Wood Partners also began construction on Alta Buena Vista, a 372-unit waterfront property in the San Francisco Bay area, December and is expecting completion in early 2022.