CHULA VISTA, CALIF. — Northwestern Mutual has completed the disposition of Pulse Millenia, a garden-style apartment property at 2043 Artisan Way in the Otay Ranch submarket of Chula Vista, just south of San Diego. An undisclosed buyer acquired the asset for $116 million.
Built in 2106, Pulse Millenia features 273 one-, two- and three-bedroom floor plans averaging 970 square feet with stainless steel appliances, granite countertops, wood-style flooring and in-unit washers/dryers. 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 center and private dining room; a multi-sport/bocce ball court; and barbecue grilling stations.
Pulse Millenia was the first apartment community constructed as part of the $4 billion Millenia master plan within Otay Ranch.
Kip Malo led the JLL Capital Markets Investment Sales Advisory team that represented the seller in the deal.
Charles Halladay, Annie Rice, Brandon Smith, Rick Salinas of JLL Capital Markets Debt Advisory secured a $71.8 million, seven-year, fixed-rate loan through Freddie Mac Multifamily for the undisclosed buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.