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7/13/16
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Stratford Partners has paid $28.9 mil for Sun Ridge Apartments, a 160-unit ($180.6k/unit), garden-style apartment complex in the East San Diego County community of Santee. The asset was acquired free and clear of existing debt from MG Properties Group.
Sun Ridge Apartments is located at 8729 Graves Ave, adjacent to SR-52 and SR-67. Situated on 5.45 acres, the community is approximately 19 miles northeast of downtown San Diego and less than two miles from Santee Town Center and Santee Trolley Square, which offers numerous retail, dining and entertainment amenities, as well as light rail access through central and downtown San Diego.
The gated community has 16 one-bedroom and 144 two-bedroom units averaging 843 sf in size. It features a swimming pool, covered picnic area with grills, gated dog runs, children’s playground and 24-hour laundry facility.
Hunter Combs and Sean Deasy of HFF represented the seller in the transaction.
“The 52 freeway extension has dramatically cut Santee resident’s commute times to San Diego’s top employment hubs, including Kearny Mesa and UTC,” said Combs. “With new nearby shopping and entertainment attractions, a transit-oriented location and top-tier schools, including Grossmont College and the new San Diego Christian College, Sun Ridge Apartments is very well positioned for long-term growth.”
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