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December 5, 2023
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Res Community in Mission Valley Trades for $155.7 Mil


Presidio View, a 350-unit apartment community located in San Diego’s Mission Valley area, has traded hands in a transaction valued at $155.7 mil ($445k/unit). The property, situated on 6.96 acres at 1440 Hotel Circle North, was acquired by Griffis Residential LLC.

Presidio View includes a mix of one-, two- and three-bedroom floorplans averaging 928 sf in size. The property was built in 2007 by Archstone and features nine-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a fitness center, resort-inspired swimming pool, clubhouse, resident lounge and business center, and electric car charging stations.

Presidio View is located on the western end of Mission Valley, offering freeway access to I-8 and Hwy 163. The property is just minutes from San Diego’s largest employment centers, including Kearny Mesa, downtown San Diego, and UTC. There are over 820,000 jobs within a 10-mile radius of Presidio View, with over 64,000 of those jobs within Mission Valley. The University of San Diego is with a five-minute drive of the property, and San Diego State University and UC San Diego are within a 10-minute drive of the property.

The property is also within walking distance to Fashion Valley Mall, a super-regional mall containing 1.6 msf of retail shops and restaurants, including Nordstrom, Macy’s, JCPenney, Neiman Marcus and Bloomingdale’s. With approximately 5.4 msf of retail space, Mission Valley is the largest retail corridor in San Diego, according to CBRE Research.

Kevin Mulhern, Stewart Weston and Dean Zander of CBRE represented the seller, Boston-based AEW Capital Management. According to Mulhern, there were more than 40 investor tours and 25 offers on the property.

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