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12/16/19
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Mark Gosselin, president of Property West Residential Inc, paid $22.5 mil for La Jolla Park West, a 60-unit ($375k/unit) multifamily property located in San Diego. The asset, situated in San Diego’s highly coveted University Town Center submarket, was sold by Hunt Pacific Management Corporation.
Located at 5165 Luigi Terrace, La Jolla Park West features one- and two-bedroom floor plans with 10-foot ceilings and private patios or balconies. Community amenities include a pool and a spa, shared garages and a laundry facility.
Ed Rosen, John Chu and Tyler Sinks with Berkadia represented seller in the transaction. The deal closed on November 21.
“The multifamily market remains strong despite impending rent control regulations that will go into effect in January 2020,” said Sinks. “The sale of La Jolla Park West is a testament that well-located assets with strong fundamentals will continue to command high valuations and strong investor demand.”
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