Tuesday, November 24, 2015

HFF closes $8.9 million sale of and arranges $5.6 million financing for 45-unit multi-housing community in suburban San Diego, CA

The Ridge on Jackson Apartments, 5639 Jackson Drive, La Mesa, CA
                                                                                                                     (photographer: Charles Jaworski).

Hunter Combs
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for The Ridge on Jackson, a 45-unit, garden-style multi-housing community in the San Diego suburb of La Mesa, California.

HFF marketed the property exclusively on behalf of Curtis Capital Group.  Stricker Family Partnership purchased the asset for $8.9 million free and clear of existing debt.  Additionally,

HFF worked on behalf of the new owner to place the $5.6 million, seven-year, fixed-rate acquisition loan with Chase Commercial Term Lending (“Chase”).

Located at 5639 Jackson Drive, The Ridge on Jackson is approximately 13 miles east of downtown San Diego and provides convenient access to Interstates 8 and 15 and State Routes 94, 125 and 163. 

Situated on 1.5 acres, the 98-percent-leased property was partially renovated in 2014 and has six buildings housing studio, one- and two-bedroom units averaging 660 square feet each.  

The community is walking distance to Lake Murray and nearby shopping/dining attractions and has amenities including a swimming pool, two sundecks with barbecue grills and covered parking.

Zach Koucos
The HFF investment sales team was led by director Hunter Combs.

HFF’s debt placement team was led by director Zach Koucos.  Client manager Scott Schweer oversaw the transaction for Chase.

“The Ridge on Jackson presented the unique opportunity to continue a proven value-add renovation program and realize significant rent premiums.  There was a very competitive bidding process with a deep buyer pool seeking Southern California value-add opportunities in a low-vacancy market,” said Combs.

  “Strong economic drivers in East San Diego County have created a tremendous demand for housing in La Mesa.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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