A Project Before its Time in Mission Valley

Mulhern: “What really struck me is I remember going down and seeing this project when it first came on line, and I barely knew what to make of it. It seemed pioneering at the time; now it seems just before it’s time: a well-conceived, well-executed project.”

SAN DIEGO—A rare leasehold-interest sale for the Village of Morena Vista is indicative of how Mission Valley is growing into the transit-oriented submarket it was envisioned to be more than 10 years ago, CBRE SVP Kevin Mulhern tells GlobeSt.com. Mulhern and CBRE’s Rachel Parsons recently represented seller Morena Vista Development LLC in the sale of the multifamily complex to Fowler Property Acquisitions for approximately $65 million; Fowler represented itself.

The property, built in 2007, is located at 5395 Napa St. in San Diego’s Mission Valley neighborhood and features 185 apartment units as well as 18,814 square feet of on-site retail, including daily-needs vendors including a national coffee chain. The complex is situated on the Morena/Linda Vista Trolley Stop and within walking distance from the University of San Diego.