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8/08/16
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SARES-REGIS Multifamily Value-Add Fund II, L.P. has purchased Mission Trails Apartments, a 208-unit multifamily property in San Diego. The price was not disclosed.
Mission Trails Apartments is located at 6975 Golfcrest Dr, within close proximity to Mission Trails Regional Park and Golf Course, Lake Murray and Cowles Mountain.
Built in 1987, the property includes one- and two-bedroom floor plans, which offer central heat and air conditioning, stainless steel appliances, patios or balconies and walk-in closets. Community amenities include underground gated parking, pool and spa, fitness center, tennis and basketball courts, outdoor barbecue area, business center and a dog park.
The property was sold by Jackson Square Properties of San Francisco. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen with Berkadia were involved in brokering the transaction.
As of June 2016, the average apartment vacancy rate in the San Diego area had dropped 80 basis points to 3.9 percent. Asking rents increased 7.2 percent to $1,916 per month, according to Berkadia.
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