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11/15/17
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Interstate Equities Corporation purchased Verse La Mesa, a 133-unit multifamily property in La Mesa, for $33.95 mil, or about $255k/unit. The acquisition was financed with a $21.9 mil Freddie Mac loan.
Verse La Mesa is located at 7400 Parkway Drive, affording convenient access to I-8 and nearby Lake Murray. It contains a total of 107.7k sf of space in nine two-story buildings.
The apartment units feature air conditioning and walk-in closets, and some units also have dishwashers, granite countertops and stainless-steel appliances. Community amenities also include a fire pit with lounge seating, on-site parking and a fitness center.
Shane Shafer, Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen with Berkadia represented both the buyer and the unnamed CA-based seller in the deal. David Bleiweiss and Anthony Ansevin, also with Berkadia, arranged the seven-year acquisition loan, which features a 2.98% adjustable interest rate and a 65% loan-to-value ratio.
“The markets outside the urban core of San Diego are experiencing some great opportunities for investors due to the area’s favorable fundamentals,” said Shafer. “Verse is an example of the tremendous interest investors have for value-add opportunities in the La Mesa submarket.”
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