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9/14/21
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Canada-based MHA Group paid $32.6 mil for Fashion Terrace, a 73-unit ($446.6k/unit) boutique apartment community in San Diego’s Mission Valley area. The property was sold by an entity controlled by Silicon Valley-based Acacia Capital.
Fashion Terrace is located 6888 Friars Rd and features well-designed floor plans with washer/dryers, fireplaces and nine-foot ceilings. The property is situated to the west of Hwy 163 and offers freeway access to Interstates 8 and 805. Additionally, the property is walking distance from the Fashion Valley Transit stop for the Green line of the San Diego Trolley.
Kevin Mulhern and Allen Chitayat of CBRE represented the seller in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE’s Capital Markets’ Debt & Structured Finance team arranged the acquisition loan on behalf MHA Group.
“Fashion Terrace was widely sought after with a strong level of interest from both private capital and larger, institutional buyers,” said Mulhern. “The property generated a high number of tours and offers with its central location and the continued growth of the San Diego market.”
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