SAN DIEGO--(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.
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.