California

LA MESA, CALIF. — Waterton has purchased Veranda La Mesa, an apartment property located at 5353 Baltimore Drive in La Mesa, for an undisclosed price. The transaction marks Waterton’s first acquisition in the San Diego metro area. The name of the seller was not released. Situated on 18 acres, Veranda La Mesa features 406 apartments in a mix of studio, one- and two-bedroom layouts. Onsite amenities include multiple clubhouses, four swimming pools, six spas, a fitness center, game room, co-working lounge, dog washroom, tennis court, six laundry facilities and two dog parks. Waterton plans to implement a light value-add strategy across the common spaces while modernizing the remaining residences with new countertops, appliances, lighting, plumbing fixtures and flooring. The seller recently renovated the common areas and more than one-third of the residences.

SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.