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(Photo courtesy: CBRE)

CBRE Completes Sale of Multifamily Community for $49.3Million

San Diego CA— CBRE has announced the sale of Villa Del Sol, a 203-unit multifamily community in San Diego, for $49.3 million.

Kevin Mulhern and Allen Chitayat represented the seller, a local family who owned the property for over 45 years, in the transaction. Scott Peterson, Bill Chiles and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged a $40.3 million acquisition loan on behalf of the buyer, 29th Street Capital, a Chicago-based multifamily investment firm.

Located 5474 Reservoir Drive, Villa Del Sol is one mile from San Diego State University in the Rolando neighborhood of San Diego. Community amenities include a clubhouse, fitness center, laundry facility, swimming pools, tennis court and yoga studio. The property is walking distance from the Alvarado Trolley Station and is one-quarter mile from I-8, a major freeway that connects the area to the rest of San Diego County.

“This was a highly competitive offering which attracted approximately 20 offers from highly qualified buyers,” said Mr. Chitayat. “In the selection of 29th Street Capital as the purchaser, the sellers were impressed with their business plan for the property, their strong reputation in the marketplace and their closing track record.”

Mr. Peterson added, “29th Street Capital has an impressive business plan for Villa Del Sol that will provide enhancements to the original nature of this highly prized location. The 29th Street team sees strong value in the San Diego apartment market and the ability of Villa Del Sol to attract highly qualified renters.”