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| Kenora Terrace apartments, 3541 Kenora Drive, Spring Valley, CA |
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| Hunter Combs |
SAN DIEGO, CA – HFF announced today that it has closed the
$5.65 million sale of and secured $3.95 million in acquisition financing for Kenora
Terrace, a 46-unit, garden-style multi-housing community in Spring Valley,
California.
HFF
marketed the property on behalf of Pacifica Companies. Doug Wetton Properties purchased the
property for $5.65 million. HFF also
secured a three-year, interest only acquisition loan on behalf of the buyer
through a balance sheet lender.
Kenora Terrace is located at 3541 Kenora Drive with nearby
access to State Routes 94 and 125 and Interstate 8, which provide direct access
to major employment centers in downtown San Diego and Mission Valley.
Situated on 2.5 acres, the property totals 40,834 rentable
square feet and includes 40 two-bedroom and six three-bedroom floor plans. Built in 1979, 13 of the property’s units
were partially renovated prior to the sale.
Community amenities include a playground, barbecue area and on-site
parking.
The HFF investment sales team representing Pacifica
Companies was led by director Hunter Combs.
HFF’s
debt placement team was led by senior managing director Aldon Cole.
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| Aldon Cole |
“Kenora Terrace presented a great opportunity for investors with its
desirable location within Spring Valley, family-oriented unit mix consisting of
large two- and three-bedroom units, and high occupancy (fully leased at
closing) in a historically well-leased submarket.
“ Per MarketPointe, the East County San Diego submarket has
a 3.5 percent vacancy rate compared to the 4.6 percent vacancy rate for the San
Diego Metro, as of September 2013.
“ Looking forward, Kenora Terrace’s submarket is forecast to
have an average vacancy rate of 1.4 percent during the next five years
according to Reis, lower than San Diego Metro (2.4 percent), the West (3.8
percent) and the nation (4.4 percent),” commented Combs.
Pacifica Companies is a San Diego-based diversified real
estate group with $3 billion in assets.
Based in Newport Beach, California, Doug Wetton Properties,
Inc. currently owns and manages more than 20 multifamily projects in Southern
California.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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