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3/05/15
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Clubhouse at Imperial Beach, a 134-unit, garden-style multi-housing property in San Diego, was acquired by The Apartment Company for $20.2 mil, or $151k/unit. The property is situated on 4.66 acres at 1555 Satellite Blvd in southern San Diego bordering Imperial Beach, a residential beach-oriented community on the Pacific Ocean.
Clubhouse at Imperial Beach is composed of 13 two-story buildings with units averaging 600 sf in size. Renovated in 2012, the property features a swimming pool, spa, free Wi-Fi in select common areas and a wooded garden park.
The property is approximately two and a half miles from the 1,500-foot Imperial Beach Pier and proximate to four military installations, including the asset-adjacent Naval Outlying Landing Field Imperial Beach. Additionally, the community is one and a half miles from Interstate 5, approximately 13.3 miles from downtown San Diego and five miles from the Mexico border.
Hunter Combs, Sean Deasy and Kara Mathis of HFF represented the seller, FPA Multifamily LLC.
“Imperial Beach is experiencing a renaissance prompted by the new $35 mil, 78-room luxury Pier South Resort and Cohn Restaurant, SEA 180 Coastal Tavern,” Combs said. “There are nearly a dozen recent and future development projects within three miles of Clubhouse at Imperial Beach, including a new 100-key hotel at Imperial Beach Boulevard and Seacoast, Sudberry’s Breakwater shopping center and expansion of the Navy Seal training facilities, where the current ‘elephant cage’ resides.”
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