HFF Announces Sale and Financing for San Diego Apartment Community
02 May 2018 - 6:15AM
Business Wire
HFF announces the sale of and acquisition financing for Bella
Posta, a 344-unit, mid-rise apartment community in San Diego’s
Mission Valley submarket.
The HFF team marketed the property on behalf of the original
developer, The Padre Gardens Rancho Mission, LP. SARES REGIS
MULTIFAMILY VALUE-ADD FUND II, L.P., purchased the asset free and
clear of existing financing. Additionally, the HFF team worked on
behalf of the new owner to secure floating-rate acquisition
financing.
Bella Posta consists of four garden-style buildings comprising a
mix of one- and two-bedroom units averaging 816 square feet. The
95-percent-occupied community is situated on approximately eight
acres adjacent to the Interstate 15/8 interchange and SDCCU
Stadium. Bella Posta is also a short distance from the Grantville
Trolley Station, which provides easy access to San Diego’s major
employment centers in the CBD, Fashion Valley, East County and
Kearny Mesa. Community amenities include two swimming and spa
areas, grilling area, locker rooms with saunas, fitness center,
racquetball court, clubhouse and a blend of private garages and
underground parking.
The HFF investment advisory team representing the seller
included senior director Hunter Combs and senior managing director
Sean Deasy.
HFF’s debt placement team representing the borrower consisted of
executive managing director Kevin MacKenzie and senior director
Brian Torp along with senior managing director Timothy Wright.
“Market reception was robust for a multi-housing opportunity
within the Mission Valley submarket, where institutional trades
typically happen only once every decade,” Combs said. “The unique
value-add opportunity from the original developer positions Bella
Posta well for long-term growth.”
Holliday GP Corp. ("HFF") is a real estate broker licensed with
the California Department of Real Estate, License Number
01385740.
About SARES REGIS MULTIFAMILY VALUE-ADD
FUNDS
SARES REGIS MULTIFAMILY VALUE-ADD FUNDS is a private investment
platform that implements and manages a value-add strategy of
acquiring, renovating and enhancing Class-B multifamily properties
in the most rapidly growing, supply-constrained submarket in the
Western United States. Formed in 2013 with the formation of Fund I
and continuing with its final raise for Fund II in August of 2016.
Since inception, the FUNDS platform has deployed over $410 million
in value-add investments. The FUNDS platform is sponsored by SARES
REGIS Group of Irvine, California, a privately held real estate
development, investment and management firm that focuses on
multifamily communities and commercial properties. Since its
founding in 1993, SRG has developed and acquired more than $7
billion in commercial and residential properties. The company
manages a combined portfolio of approximately 25 million square
feet of office and industrial space and 19,000 apartment units.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20180501006397/en/
HFFHUNTER COMBS, 858-812-2346CA Lic. #01771662HFF
Senior Directorhcombs@hfflp.comorBRIAN TORP, 949-253-8800CA
Lic. #01886645HFF Senior Directorbtorp@hfflp.comorOLIVIA
HENNESSEY, 713-852-3500HFF Public Relations
Specialistohennessey@hfflp.com
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