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| Annie Rice |
SAN DIEGO, CA – JLL Capital Markets has closed the
$116 million sale of and the $71.842 million acquisition financing for Pulse
Millenia, a 273-unit, garden-style multi-housing community located in the
desirable Otay Ranch region of Chula Vista, California.
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Pulse Millenia, a 273-unit, garden-style multi-housing
community located in the desirable Otay Ranch
region of Chula Vista, CA
|
Pulse was the first apartment community
constructed as part of the $4 billion Millenia Master Plan within Otay Ranch,
ushering in an era of development that has set a new standard of living in
South County San Diego.
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Kip Malo
|
JLL
worked on behalf of the seller, Northwestern Mutual. JLL also worked on behalf
of the new owner to secure the seven-year, fixed-rate loan through Freddie Mac
Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a
Freddie Mac Optigo℠ lender.
The
JLL Capital Markets Investment Sales Advisory Team was led by Managing Director
Kip Malo. Executive Managing Director Charles Halladay, Managing
Directors Annie Rice and Brandon Smith and Senior Director Rick
Salinas led the JLL Capital Markets Debt Advisory Team.
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| Charles Halladay |
Built in 2016, Pulse offers one-, two- and
three-bedroom floor plans averaging 970 square feet. Unit interiors are offered
in both a light and dark design package, each highlighted by a full
stainless-steel appliance set, granite countertops, wood-style flooring
throughout living spaces and an in-unit washer/dryer set.
Community amenities include a
central sundeck plaza with a heated pool and spa, a 24-hour fitness center, a
social lounge with a billiard table and kitchen, a multi-station business
center, a conference and private dining room, a multi-sport/bocce ball court,
barbecue grilling stations and more.
Both the units, as well as the community
amenities present the opportunity for value-add modern upgrades.
Residents also benefit from the extensive
range of public amenities within the greater community of Millenia. Spanning
approximately 210 acres, the highly walkable, master-planned development
showcases more than 200 retail offerings, over 3,000 luxury residences and
more. Residents can also easily access multiple parks within a short walk.
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| Brandon Smith |
Situated at 2043 Artisan Way, the property
offers convenient highway accessibility with a .25-mile drive to 125-Hwy and
just a 10-minute drive 805-fwy.
In addition, over 4,000 businesses and 33,000 jobs sit within a
15-minute drive, and approximately 1.3 million square feet of retail sits
within a one-mile radius. The property is also less than 20 miles from downtown
San Diego.
JLL
delivers multi-housing investors a full range of solutions through one diverse,
integrated platform. The division employs approximately 400 professionals who
provide comprehensive investment sales and disposition services with access to
thousands of domestic and foreign investors.
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| Rick Salinas |
JLL is also one of the nation’s
largest affordable and conventional multi-housing and seniors housing lenders
with comprehensive loan underwriting, asset management and loan servicing
capabilities.
Agency/GSE lending and loan servicing are performed by JLL Real
Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle
Incorporated. Loans made or arranged in California are pursuant to a California
Financing Law license.
JLL Capital Markets is
a full-service global provider of capital solutions for real estate investors
and occupiers. The firm's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether investment sales and
advisory, debt advisory, equity advisory or a recapitalization.
The firm has
more than 3,000 Capital Markets specialists worldwide with offices in nearly 50
countries.
For more news, videos and research
resources on JLL, please visit our newsroom.
CONTACT:
Jenna Sharp
JLL,
Public Relations
Dallas,
Texas
M
+1 214 394 3356
Jenna.Sharp@jll.com
