San Diego CA— CBRE announced the sale of Mission Trails, a 208-unit apartment community in the San Carlos neighborhood of San Diego, for an undisclosed price.
CBRE’s Kevin Mulhern, Stew Weston, Dean Zander and John Montakab represented the seller, Orange County, Calif.-based real estate investment and management firm Sares Regis Multifamily Value Add Funds, in the transaction. The buyer, San Diego-based real estate developer Shapery Enterprises, was self-represented.
Located 6975 Golfcrest Drive, the 175,152 square-foot property was originally built in 1987 on a 4.49-acre lot. The unit mix is comprised of 84 one-bedroom, one-bathroom units and 124 two-bedroom, two-bathroom units. The three-building community recently underwent extensive renovations and features a resident lounge, dog park, pool, fitness center, tennis court, sport court, game room and 288 subterranean parking spaces.
The community is adjacent to Mission Trails Regional Park, one of San Diego’s largest and most popular hiking destinations. San Carlos has immediate access to SR 125, connecting the community to the rest of San Diego County.
“Mission Trails is exceptionally located next to the Mission Trails Regional Park, while also being a short drive from Mission Valley and many of San Diego’s major employment centers,” said Mulhern. “Recent renovations to the property also helped drive strong investor interest for the asset. We have seen really strong interest in suburban assets in the midst of the pandemic, as these properties have been performing much better than higher density urban assets.”