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TIAA-CREF Closes Luxury Res Buy in San Diego’s Carmel Valley

11/17/15

TIAA-CREF purchased Ocean Air luxury rental homes, a 100-unit, luxury residential property in San Diego’s Carmel Valley area. Located at 10500 Sea Pearl Cove, east of I-5 and north of Sorrento Valley Blvd, the property is within the Torrey Hills master plan.

Ocean Air features spacious townhome style floor plans averaging 1.3k sf in size. Designed as a for-sale community, the property was built in February 2015 by MBK Rental Living, a division of MBK Homes, to the highest quality condominium specifications.

The property consists of five buildings with 100 luxury condominium rental homes. Elevated on a bluff, Ocean Air offers panoramic views of Torrey Pines State Reserve and the Pacific Ocean.

The unit interiors feature open-concept living areas with state-of-the-art kitchens. All homes also include garages, tankless hot water heaters, and outdoor patios or balconies with panoramic views.

The community includes two outdoor kitchen lounges with built-in gas barbecues and contemporary seating. Additionally, there is a large grass area on the southwest side of the property that has a pet wash station and a fire pit area with lounge seating and ocean views. The Coast View Park is located directly adjacent to the north of Ocean Air.

Kevin Mulhern, Rachel Parsons and Dixie Hall of the CBRE Multifamily team represented the seller, Torrey Multifamily LLC. The price was disclosed.

The property is located adjacent to the county’s top employment centers, with Torrey Pines to the west, Sorrento Valley/Mesa to the south, UTC to the southwest and Del Mar Heights/Carmel Valley to the north. It is estimated that over 195,000 jobs are within a three-mile radius of the Ocean Air.


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