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MULTIFAMILY NEWS
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Pacific Urban Residential Nabs 193-Unit Asset in Poway

8/26/15

Summerlyn Apartments, a 193-unit multifamily property in Poway, was purchased by an affiliate of Pacific Urban Residential for $41.15 mil ($213.2k/unit). The asset, situated on 8.93 acres at 13409 Midland Rd, north of Poway Rd and east of Community Rd, was sold by Fairfield Township LLC.

Summerlyn is comprised of ten, two-story buildings totaling 155k sf of space, along with a newly upgraded fitness center, 24-hour card operated laundry rooms, pool, spa and wading pool, tennis court, dog park, picnic areas with gas barbecues, and a business center. Fairfield had spent more than $2.9 mil on capital improvements since they acquired the asset in 2007.

Summerlyn Apartments offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and three-bedroom/two-bath floorplans that average 803 sf in size with an average rent of $1,403/mo. The apartments feature wood-style flooring, air condition and heating, wood-cabinetry, oversized patio slider doors in living room and selected units have energy-efficient GE appliances, faux granite countertops and walk-in closets.

The property is in walking distance to transportation, retail and services such as Super Wal-Mart, Sprouts, Lowe’s, Home Goods and Stein Mart. There is more than 755k sf of nearby retail, including Vons, Stater Brothers, and Petco to name a few, within one mile of Summerlyn.

Kevin Mulhern, Dixie Hall and Rachel Parsons of the CBRE Multifamily team represented the seller in the deal. The buyer repped themselves in the transaction.

“The Summerlyn asset was highly desirable due to the fact that Poway is one of the strongest residential locations in all of San Diego County with its proximity to major employment and outstanding school system. In addition, there is very little product available for sale in the I-15 corridor,” noted Mulhern.






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