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12/17/15
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Valley Breeze, a 128-unit apartment complex in San Diego, sold for $28.3 mil, or $221k/unit. The property is located at 1304-1394 Oro Vista Rd, adjacent to the west side of I-5 at the edge of Imperial Beach, not far from the Mexican border.
The 25-year-old property consists of 11, two-story buildings containing 136.5k sf of space, situated on 9.1 acres. The complex is comprised of two- and three-bedroom floor plans. The property is within minutes to Downtown San Diego using the freeway and is in proximity to numerous retail centers, schools, parks, and major employment centers.
The apartments feature full-size washer/dryer hookups, balconies or patios, walk-in closets, dishwashers and air conditioning. The community amenities include a pool and spa, club house, garages, common laundry facilities, a playground and volleyball courts.
Jim Neil, Eric Comer and Merrick Matricardi of the CBRE Multifamily team represented the buyer, Penn LLC, with Gregg Seaman of Viewpoint Equities as the managing member. The seller, McClurken Machinery Inc, Thomas Murray Trust, and the Ian Gill & Charles Miller Trust, were repped by Tim Miller of IHA Partnership in the transaction. The sellers purchased the property from the original developer, which makes Gregg Seaman the second owner of the property.
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