203-Unit Apartment Complex Near SDSU Sells To Chicago Investment Firm For $49.3 Million

San Diego CA

13 March, 2021

6:05 PM

Description

By Editor, Times of San Diego March 13, 2021 Villa Del Sol, a 203-unit multifamily community in Rolando, has been sold for $49.3 million. A local family that owned the property for over 45 years sold the complex to 29th Street Capital, a Chicago-based multifamily investment firm. Located at 5474 Reservoir Drive, Villa Del Sol sits one mile from San Diego State University. Community amenities include a clubhouse, fitness center, laundry facility, swimming pools, tennis court and yoga studio. Kevin Mulhern and Allen Chitayat of CBRE represented the sellers while Scott Peterson, Bill Chiles and Brian Cruz of the firm's debt and structured finance team in San Diego, arranged a $40.3 million acquisition loan on behalf of the buyer. "This was a highly competitive offering which attracted approximately 20 offers from highly qualified buyers," Chitayat said. "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." Peterson said 29th Street Capital has a business plan that will enhance the Villa Del Sol property. "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," he said. Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.