SAN DIEGO—The San Carlos submarket's central location, proximity to job centers and services and predominance of lower-density housing, in addition to reduced competition, are drawing apartment buyers, CBRE SVP Jim Neil tells GlobeSt.com. Neil, along with CBRE's Eric Comer and Merrick Matricardi, recently represented seller PUR VDF Apartments LLC in the sale of Terra at Mission Trails Apartments at 7707 Mission Gorge Rd. in San Carlos for more than $20 million to local San Diego buyer Mission Gorge Rd LP, which represented itself.
Built in 1977, the 90-unit asset underwent a major renovation in 2010 and is situated on 3.44 acres. The property features studios, one- and two-bedroom units, with an average floorplan of 671 square feet. The community has resort-style amenities, including a pool, hot tub, sauna, resident lounge, BBQ area and a new state-of-the-art fitness center.
San Carlos is located five miles east of Mission Valley's shopping, dining and entertainment destinations. Mission Trails Regional Park is a half-mile away, with hiking, biking and other numerous outdoor activities. The property has excellent drive-by visibility along Mission Gorge Rd., and residents are centrally located near major employment centers of Mission Valley and Kearny Mesa.
We spoke with Neil about the San Carlos multifamily market and why investors and tenants like it.
GlobeSt.com: How would you characterize the San Carlos multifamily market?
Neil: San Carlos is a bedroom community located in Central San Diego. It was mostly built out in the 1960s and 1970s with primarily single-family detached homes.
GlobeSt.com: What types of tenants are most attracted to this market and why?
Neil: San Carlos is centrally located and in close proximity to jobs and services, but it has a lower-density suburban impact.
GlobeSt.com: What do investors like about this market?
Neil: Investors appreciate the same thing tenants do: its central location, proximity to job centers and services and predominance of lower density housing. In addition, investors appreciate that there are very few multifamily properties that compete in the submarket.
GlobeSt.com: What else should our readers know about this transaction?
Neil: The property was developed in the late 1970s by prominent local developers Richard Mabie and Ted Mintz. The community has enjoyed a competitive place in the submarket for decades due to its artful design and rich amenity package—attributes well ahead of their time for a property of this vintage. A total of 57 of the 90 interiors were tastefully remodeled in 2010 by Klingbeil Capital Management and include modern features such as in-suite washers and dryers. Pacific Urban Residential then completed several exterior enhancements in 2016 which helped to reposition the property as a viable alternative to its newer-constructed competitors and dramatically lifted rents.
SAN DIEGO—The San Carlos submarket's central location, proximity to job centers and services and predominance of lower-density housing, in addition to reduced competition, are drawing apartment buyers, CBRE SVP Jim Neil tells GlobeSt.com. Neil, along with CBRE's Eric Comer and Merrick Matricardi, recently represented seller PUR VDF Apartments LLC in the sale of Terra at Mission Trails Apartments at 7707 Mission Gorge Rd. in San Carlos for more than $20 million to local San Diego buyer Mission Gorge Rd LP, which represented itself.
Built in 1977, the 90-unit asset underwent a major renovation in 2010 and is situated on 3.44 acres. The property features studios, one- and two-bedroom units, with an average floorplan of 671 square feet. The community has resort-style amenities, including a pool, hot tub, sauna, resident lounge, BBQ area and a new state-of-the-art fitness center.
San Carlos is located five miles east of Mission Valley's shopping, dining and entertainment destinations. Mission Trails Regional Park is a half-mile away, with hiking, biking and other numerous outdoor activities. The property has excellent drive-by visibility along Mission Gorge Rd., and residents are centrally located near major employment centers of Mission Valley and Kearny Mesa.
We spoke with Neil about the San Carlos multifamily market and why investors and tenants like it.
GlobeSt.com: How would you characterize the San Carlos multifamily market?
Neil: San Carlos is a bedroom community located in Central San Diego. It was mostly built out in the 1960s and 1970s with primarily single-family detached homes.
GlobeSt.com: What types of tenants are most attracted to this market and why?
Neil: San Carlos is centrally located and in close proximity to jobs and services, but it has a lower-density suburban impact.
GlobeSt.com: What do investors like about this market?
Neil: Investors appreciate the same thing tenants do: its central location, proximity to job centers and services and predominance of lower density housing. In addition, investors appreciate that there are very few multifamily properties that compete in the submarket.
GlobeSt.com: What else should our readers know about this transaction?
Neil: The property was developed in the late 1970s by prominent local developers Richard Mabie and Ted Mintz. The community has enjoyed a competitive place in the submarket for decades due to its artful design and rich amenity package—attributes well ahead of their time for a property of this vintage. A total of 57 of the 90 interiors were tastefully remodeled in 2010 by Klingbeil Capital Management and include modern features such as in-suite washers and dryers. Pacific Urban Residential then completed several exterior enhancements in 2016 which helped to reposition the property as a viable alternative to its newer-constructed competitors and dramatically lifted rents.
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