San Diego CA— CBRE announced the sale of Ocean Air luxury condominium rental homes, located at 10500 Sea Pearl Cove in Torrey Hills, for an undisclosed price. Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, TH Real Estate (an affiliate of Nuveen and a TIAA company). The San Diego-based buyer, Ocean Air L.P., an affiliate of R&V Management Corporation, represented themselves in the transaction.
“Ocean Air is strategically located in the heart of the 600-acre Torrey Hills masterplan, adjacent to the newly completed 1.35-acre Coast View Park, this asset is a premier coastal multifamily investment in one of the strongest markets in all of San Diego County,” said Kevin Mulhern.
Completed in February 2015, the property consists of five buildings with 100 luxury condominium rental homes. Elevated on a bluff, Ocean Air offers panoramic views of Torrey Pines State Reserve and the Pacific Ocean.
“The coastal investment market remains aggressive and we continue to see strong demand for core San Diego real estate”, said Rachel Parsons, vice president of CBRE in San Diego. “R&V Management Corporation, saw this purchase as a strategic fit as they have developed two luxury assets in the immediate Carmel Valley submarket, with a third under construction. The buyer is San Diego County’s largest apartment owner and one of the most active multifamily developers.”
Originally designed as condominiums, the property features spacious floor plans averaging 1,323 square feet; 80 percent of the unit mix features townhome-style floor plans and 80 percent are two and three-bedroom configurations. The unit interiors feature open-concept living areas that have nine and ten-foot ceiling heights. Kitchens include stainless GE appliances, granite countertops, USB charging stations, large stainless steel single basin sinks, and energy-efficient front-loading GE washers and dryers. All homes also include garages, tankless hot water heaters, and outdoor patios or balconies with panoramic views. Conceptual plans have been started to add a clubhouse and pool to the southeastern portion of the property.
The community includes two outdoor kitchen lounges with built in gas barbecues and contemporary seating. Additionally, there is a large grass area on the southwest side of the property, which has a pet wash station and a fire pit area with lounge seating and ocean views. The Coast View Park is located directly adjacent to the north of Ocean Air. The park totals 1.35 acres and includes playground equipment, fitness stations, barbecues and sitting areas.
Ocean Air is located between the county’s top employment centers, with Torrey Pines to the west, Sorrento Valley/Mesa to the south, UTC to the southwest and Del Mar Heights/Carmel Valley to the north. It is estimated that 195,000 jobs are within a three-mile radius of the property. The property is located in one of the most desirable school district and is within a mile of the Torrey Hills retail center.