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