Saturday, November 16, 2013

$121 Million All-Cash Transaction Arranged by IPA for Domain San Diego Apartments in San Diego, CA

  
Domain San Diego apartments, 8798 Spectrum Center Boulevard
 Kearny Mesa communiity, San Diego, CA
 
Ron Harris
SAN DIEGO, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Domain San Diego, a newly constructed 379-unit luxury apartment complex in the Kearny Mesa community of San Diego. The sales price of $121 million equates to $319,261 per unit.

            IPA executive vice president investments Ron Harris, IPA senior director Stewart I. Weston, Marcus & Millichap first vice president investments Christopher Zorbas, and Marcus & Millichap associate David Sperling represented the seller, a joint venture between Wood Partners and a fund sponsored by CBRE Global Investors.

Stewart I. Weston
 The buyer, Essex Property Trust Inc., purchased the asset on an all-cash basis. The property was approximately 80 percent occupied at the time of sale.

            “Domain San Diego was Wood Partners’ first multifamily development acquisition in San Diego County,” says Harris. “The luxury community boasts an amenity package reminiscent of a five-start resort and is surrounded by a wealth of high-profile employers.”

            “The limited number of institutional-quality apartment buildings in San Diego County made this a rare opportunity to acquire a true core asset in a high-barrier-to-entry market,” adds Harris.

Christopher Zorbas
            Located at 8798 Spectrum Center Blvd. in San Diego, the property is part of the San Diego Spectrum, a master-planned community that is easily accessible from both California State Route 163 and Interstate 15. 

            The Kearny Mesa submarket has more than 9 million square feet of office space and nearly 16 million square feet of industrial space.  

            “As the leading multifamily community in Kearny Mesa and one of the most desirable rental assets in central San Diego, Domain San Diego is poised to capture significant growth,” says Weston.

 “The long-term outlook for the submarket is robust, as the millennial generation continues to migrate to the area for high paying employment opportunities.  The strength of the economic forecast for the area helped prompt Essex to make its first acquisition in San Diego County in more than six years,” Weston concludes.    

David Sperling
            Constructed in 2012, Domain San Diego is a podium-style asset consisting of two residential structures built over two levels of subterranean parking. Community amenities include an adjacent two-acre park, three verdantly landscaped courtyards with sitting and dining areas, a Serenity pool with an enormous pool deck and spa, a two-story clubhouse with a residents’ lounge and a state-of-the- art fitness center, an outdoor fireplace, gourmet barbecue stations, gated underground parking, elevator access and on-site maintenance, management and package receiving.

            The property offers residents 13 unique floor plans that range in size from 598 square feet to 1,309 square feet. Apartment homes feature private patios and balconies, stainless-steel appliances, hardwood cabinetry, granite countertops, Affinity full-size front-loading washers and dryers and large oval soaking tubs. Select units feature floor-to-ceiling windows with stunning views.

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

Gina Relva
Public Relations Manager
(925) 953-1716

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