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December 13, 2017
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Fowler Property Acquisitions Buys 185-Unit Apartment Complex

7/10/17

Fowler Property Acquisitions has purchased the leasehold interest in The Village at Morena Vista, a 185-unit multifamily complex in San Diego, for $65 mil. The property also contains 18.8k sf of on-site retail, including daily needs.

The property, built in 2007, is located at 5395 Napa St in San Diego’s Mission Valley neighborhood. The complex is situated on the Morena/Linda Vista Trolley Stop and within walking distance from the University of San Diego.

The Village at Morena Vista was built on leased land from the Metropolitan Transit Development Board. The new owner renamed the complex to “Arrive Mission Valley” and is planning a comprehensive renovation.

CBRE’s Kevin Mulhern and Rachel Parsons represented the seller, Morena Vista Development LLC. Fowler Property Acquisitions represented themselves.

“Mission Valley is the heart of San Diego and presented a rare opportunity to acquire a core coastal asset in a region where projects like this rarely trade,” said Mulhern, adding that only eleven properties with 100+ units sold in the first half of 2017. “This area presents a safe investment with upside potential given its ideal location and the strong apartment demand in the area.”

Mission Valley is the largest retail and most popular shopping district in San Diego. The area is also a primary office market. San Diego multifamily fundamentals remain exceptionally strong with apartment occupancy at 96% and expected rent appreciation of 3.7% this year, according to CBRE research.





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