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7/26/17
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Vue at Lake Murray, a 65-unit multifamily community in San Diego, sold for $18 mil ($277k/unit) in a recent investment buy. The property is located at 6867 Golfcrest Dr, north of I-8 and west of Hwy 125.
The property has resort-like amenities including a clubhouse, swimming pool, and fitness center. The location, 13 miles from downtown San Diego near Mission Trails Regional Park, provides convenient access to the 52 Fwy, State Route 125, and I-8.
Built in 1970, Vue at Lake Murray underwent major renovations to the exterior and 49 of the units from 2010 through 2016. While renovation work continues for the remaining 16 units, the asset is viewed as a value-add opportunity.
Jim Neil, Eric Comer and Merrick Matricardi with Kidder Mathews represented the seller, Pacific Urban Residential, in the transaction. Since 2014, Pacific Urban’s apartment investment and sales activities total nearly $1.3 bil.
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