Another multifamily property in San Diego has traded hands, showing continued interest from investors in the region. According to information from Walker & Dunlop, an 81-unit apartment community sold for $18.25 million, or approximately $225,308 per unit. The property was sold by Constellation Realty Management to Herndon Capital Partners.
W&D’s San Diego Investment Sales team led by Hunter Combs represented both the buyer and the seller in the transaction.
Located at 4025 Oakcrest Drive, the property is known as Pacific Cove. The property was fully renovated in 2019 and includes a mix of studio, one- and two-bedroom apartment units. The property also features various amenities, including gated access and covered parking, according to its website.
In addition to onsite amenities, the property also is within close proximity of various retail, entertainment and recreational amenities. Pacific Cove is across from Colina del Sol Park and Golf Course and surrounded by various restaurants, residential properties and more.
This transaction marks the first San Diego acquisition for Herndon Capital Partners, according to Walker & Dunlop. Founded in 2022, the Solana Beach-based real estate investment firm “acquires properties and implements various strategies to meet investment objectives for family office, ultra-high-net-worth and institutional clients,” according to its website.
The San Diego area has seen a number of multifamily deals in recent months.
Waterleaf, a 456-unit property in Vista recently traded for $174 million, or about $381,578 per unit. Located at 333 Emerald Drive, the property was sold by MG Properties Group to MIG Real Estate.
