Equity Residential buys San Diego community
Residential Equity acquired Jefferson Pacific Beach, a 172-unit community in San Diego. The seller was Cos JPI., who developed the property in 2020.
Berkadia Institutional Solutions completed the transaction on behalf of JPI. The asset is under loan for $69.7 million which has been guaranteed by CBRE Capital Markets, according to data from Yardi Matrix.
The garden-style community offers studio, one-, two-, and three-bedroom apartments, ranging from 558 square feet to 1,773 square feet, with private balconies and patios in some units. Amenities include a fitness center, business center, clubhouse, pool and spa, and 13,862 square feet of retail space.
Located at 4275 Mission Bay Drive, the Jefferson Pacific Beach is within 4 miles of Mission Beach and SeaWorld San Diego. Garnet Ave., which offers a variety of dining and shopping options including Vons, Trader Joe’s, and Sprouts Farmers Market, is a mile and a half from the community.
While Equity Residential’s expansion strategy focuses primarily on Denver, Dallas, Austin, Texas and Atlanta, the San Diego transaction represented an opportunity for the company to acquire a well-located asset in a market with strong fundamentals, according to a statement prepared by Ian Couwenberg, vice president of acquisitions at Equity Residential.
Last month, the company purchased two assets in Denver, totaling 594 units. Equity Residential’s portfolio now includes more than 80,400 units nationwide, including 2,874 in San Diego County.