CBRE Arranges $155.7M Sale of Presidio View Apartments in San Diego’s Mission Valley
SAN DIEGO — CBRE has arranged the sale of Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego. Griffis Residential LLC acquired the asset from AEW Capital Management for $155.7 million.
Presidio View is situated on approximately 6.9 acres at 1440 Hotel Circle North and includes a variety of one-, two- and three-bedroom floorplans with an average unit size of 928 square feet. Archstone built the property in 2007. (Archstone was acquired by AvalonBay Communities Inc. and Equity Residential in 2013.)
Features include 9-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a swimming pool, resident lounge, fitness center, clubhouse, business center and electric car charging stations.
“It’s very rare to be able to acquire a well-maintained, 2007-vintage asset of this scale in a primary San Diego location like Mission Valley,” says Kevin Mulhern, a broker with CBRE. “There were more than 40 investor tours and 25 offers, and the competition to acquire the property was very intense.”
Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller in the transaction.
Presidio View is located on the western end of Mission Valley and has access to Interstate 8 and Highway 163. The property is situated near some of San Diego’s largest employment centers, as it is 6.2 miles from Kearny Mesa and five miles from downtown San Diego. Additionally, the University of San Diego is only two miles away from the property, San Diego State University is 6.9 miles away and UC San Diego is 11 miles away.
The multifamily community is also 1.1 miles from Fashion Valley Mall, a shopping center with 1.6 million square feet of retail shops and restaurants, including Nordstrom, Macy’s, JCPenney, Neiman Marcus and Bloomingdale’s.
CBRE Group Inc. is a Dallas-based commercial real estate services and investment firm. Griffis Residential LLC is a multifamily real estate investment company based in Denver. Boston-based AEW Capital Management is an investment management company.
— Julia Sanders