San Diego CA— CBRE arranged the sale of Fashion Terrace, a 73-unit boutique apartment community in the Mission Valley area of San Diego, to Canada-based MHA Group for $32.6 million.
Kevin Mulhern and Allen Chitayat of CBRE represented the seller, an entity controlled by Silicon Valley-based Acacia Capital, in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE’s Capital Markets’ Debt & Structured Finance team arranged the acquisition loan on behalf MHA Group.
“Fashion Terrace was widely sought after with a strong level of interest from both private capital and larger, institutional buyers,” said Mr. Mulhern. “The property generated a high number of tours and offers with its central location and the continued growth of the San Diego market.”
“The property’s proximity to Fashion Valley and its transit center makes this community very walkable while also providing immediate access to all of San Diego’s major employment centers,” added Mr. Chitayat.
Fashion Terrace is located 6888 Friars Road and features well-designed floor plans with washer/dryers, fireplaces and nine-foot ceilings. The property is situated to the west of Highway 163 and offers freeway access to Interstates 8 and 805. Additionally, the property is walking distance from the Fashion Valley Transit stop for the Green line of the San Diego Trolley.
Mr. Peterson added, “MHA Group brings a high level of experience and market knowledge to Fashion Terrace. The property will continue to compete well in the market while maintaining strong occupancy and rent levels.”