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8/08/2016 - Berkadia Completes Sale of San Diego Multifamily Property
Berkadia today announced the sale of Mission Trails Apartments, a multifamily property located at 6975 Golfcrest Drive in San Diego. Managing Directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen facilitated the sale, which closed on July 22. The seller was Jackson Square Properties of San Francisco and the buyer was SARES-REGIS Multifamily Value-Add Fund II, L.P. based in California. “Mission Trails provided a rare opportunity to purchase an asset with tremendous upside potential in a prime location,” said Rosen. “The seller repositioned the property, focusing on deferred maintenance and renovating 109 units, which will afford the buyer the ability to continue and expand the renovation with further enhancements.” Built in 1987, the 208-unit property includes one- and two-bedroom floor plans, which offer central heat and air conditioning, stainless steel appliances, patios or balconies and walk-in closets. Community amenities include underground gated parking, pool and spa, fitness center, tennis and basketball courts, outdoor barbecue area, business center and dog park. Mission Trails Apartments is located within close proximity to Mission Trails Regional Park and Golf Course, Lake Murray and Cowles Mountain. It also offers convenient access to Interstates 8, 125 and 15. Downtown San Diego is just four miles away and San Diego State University is within a ten-minute drive. As of June 2016, the average apartment vacancy rate in the San Diego area had dropped 80 basis points to 3.9 percent. Asking rents increased 7.2 percent to $1,916 per month. [RenTV]

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