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Domain San Diego apartments, 8798 Spectrum Center Boulevard
Kearny Mesa communiity, San Diego, CA |
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| 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.
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| 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.
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| 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.
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| 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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