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July 24, 2017
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San Diego Apartment Complex Sells for $232 Mil

5/12/17

In one of the largest apartment sales out of San Diego County in some time, American Assets Trust Inc purchased Pacific Ridge, a 533-unit property, for $232 mil, or $435k/unit. Built in 2013, Pacific Ridge is located at 5945 Linda Vista Rd, north of I-8 and east of I-5 in the city’s Morena area.

The Class A, luxury community offers floor plans ranging from studios to three-bedroom units. Situated on more than 15 acres with unobstructed ocean views, the resort-style Pacific Ridge boasts Moroccan-styled indoor and outdoor retreats, sun-drenched lounges, two saltwater pools and spas, and an outdoor grill and dining pavilion.

Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen with Berkadia represented the San Francisco-based seller. The buyer is a REIT located in San Diego.

“Pacific Ridge was a high-profile deal in an extremely desirable location,” noted Rosen. “Our data shows that asking rents in San Diego are up 4.9 percent from Q1 2016. We anticipate that this increase coupled with the property’s prime location across the street from the University of San Diego’s campus will help create long-term stabilization and rent growth for the property.”

Berkadia also reports metro San Diego has the third-lowest unemployment rate among major metro areas in California, behind only San Francisco-Oakland and San Jose-Santa Clara.

“Renters and investors alike find themselves attracted to this area given the numerous opportunities,” added Chu. “The metro unemployment rate was 4.3% at the end of January, which was 60 basis points below the rate recorded during the same time period in 2016, and it was also 80 basis points below the California rate. Strong employment and apartment fundamentals help fuel a steady market.”





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