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Enclave at Lake Murray Apartments, La Mesa,
San Diego County, CA |
SAN DIEGO, CA, Aug. 6, 2018 – HFF announces the $10.25
million sale of commercial real estate investment and development firm SENTRE’s
35-unit apartment property Enclave at Lake Murray, a newly renovated,
garden-style property in the Southern California community of La Mesa in San
Diego County.
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| Hunter Combs |
The HFF team exclusively marketed the property on
behalf of SENTRE, and procured the buyer, RM Realty.
Enclave at Lake Murray is located at 5476 Kiowa Drive
approximately 15 minutes northeast of downtown San Diego and the city’s
world-class beaches and just south of Lake Murray, a popular destination for
bicycling, jogging and hiking.
The property is two miles from downtown La Mesa, known
locally as La Mesa Village, which features restaurants, premium retail,
historic destinations and nightlife.
Originally purchased by SENTRE for $7.1 million in
December 2013, Enclave at Lake Murray features two-story townhome-style units
with spacious one- and two-bedroom floor plans totaling 28,950 rentable square
feet and common area amenities, including a swimming pool, spa, grilling area,
dog park and fitness center.
The property was 94 percent occupied at closing.
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| Doug Arthur |
“We are pleased to have successfully repositioned
Enclave at Lake Murray, selectively renovating units and materially increasing
rents since our acquisition in 2013,” said Doug Arthur, President and CEO of SENTRE. “We very much believe in the Lake
Murray pocket of La Mesa and think the buyer will do very well with the asset.”
The HFF investment advisory team representing the
seller consisted of senior director Hunter Combs.
“The recent surge of high-end apartment development in
Mission Valley has translated to robust rent growth in the surrounding
submarkets,” Combs said.
“Turnkey finishes within unique townhome-style
floorplans at Enclave at Lake Murray created significant interest from capital
attracted to the long-term future of La Mesa.”
Holliday GP Corp. ("HFF") is a real estate broker licensed
with the California Department of Real Estate, License Number 01385740.
For more
information, please contact:
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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