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June 14, 2024
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SOUTHERN CALIFORNIA NEWS
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Chula Vista Multifamily Property Trades for $116 Mil

2/06/24

Pulse Millenia, a 273-unit, garden-style multi-housing community located in the desirable Otay Ranch region of Chula Vista, traded in a $116 mil ($425k/unit) transaction. The purchase was funded in part by a $71.8 mil acquisition loan.

Pulse was the first apartment community constructed as part of the $4 billion Millenia Master Plan within Otay Ranch, ushering in an era of development that has set a new standard of living in South County San Diego.

Built in 2016, Pulse offers one-, two- and three-bedroom floor plans averaging 970 sf in size. Unit interiors are offered in both a light and dark design package, each highlighted by a full stainless-steel appliance set, granite countertops, wood-style flooring throughout living spaces and an in-unit washer/dryer set.

Community amenities include a central sundeck plaza with a heated pool and spa, a 24-hour fitness center, a social lounge with a billiard table and kitchen, a multi-station business center, a conference and private dining room, a multi-sport/bocce ball court, barbecue grilling stations and more. Both the units, as well as the community amenities present the opportunity for value-add modern upgrades.

Residents also benefit from the extensive range of public amenities within the greater community of Millenia. Spanning approximately 210 acres, the highly walkable, master-planned development showcases more than 200 retail offerings, over 3,000 luxury residences and more. Residents can also easily access multiple parks within a short walk.

Situated at 2043 Artisan Way, the property offers convenient highway accessibility with a .25-mile drive to 125-Hwy and just a 10-minute drive 805-fwy. In addition, over 4,000 businesses and 33,000 jobs sit within a 15-minute drive, and approximately 1.3 msf of retail sits within a one-mile radius. The property is also less than 20 miles from downtown San Diego.

Kip Malo, Charles Halladay, Annie Rice and Brandon Smith with JLL Capital Markets represented the seller, Northwestern Mutual. Rick Salinas, also with JLL, arranged the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.






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