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8/09/18
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In La Mesa, RM Realty paid $10.25 mil for Enclave at Lake Murray, a 35-unit ($293k/unit), newly renovated, garden-style property. The property, located at 5476 Kiowa Dr, approximately 15 minutes northeast of downtown San Diego, was sold by SENTRE
Enclave at Lake Murray is near the city’s world-class beaches and just south of Lake Murray, a popular destination for bicycling, jogging and hiking. The property is two miles from downtown La Mesa, known locally as La Mesa Village, which features restaurants, premium retail, historic destinations and nightlife.
Originally purchased by SENTRE for $7.1 mil in December 2013, Enclave at Lake Murray features two-story townhome-style units with spacious one- and two-bedroom floor plans totaling 29k sf. Common area amenities include a swimming pool, spa, grilling area, dog park and fitness center. The property was 94% occupied at closing.
Hunter Combs with HFF represented both parties in the transaction. According to Combs, the recent surge of high-end apartment development in Mission Valley has translated to robust rent growth in the surrounding submarkets.
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