Garden Communities LLC has sold the Legacy Apartment Homes at 9320 Hillery Dr. in San Diego, CA to R&V Management Corporation for $91 million, or about $221,000 per unit.
Legacy is a three-story, 22-building, 351,336-square-foot multifamily community built in 2001 on nearly 18 acres in the Mira Mesa area of San Diego County. The apartments are a mix of 412 one-, two- and three-bedroom units, all with a private patio or balcony and a full-size washer/dryer in unit. The community features two pools, a rec room, fitness center, movie theater and garages.
Ed Rosen, John Chu and Alejandro Lombrozo with Cushman & Wakefield's multifamily advisory group facilitated the sale, the largest multifamily transaction in San Diego County so far this year.
R&V Management also completed the acquisition of Missions at Rio Vista, a 316-unit community in Mission Valley in November 2011. Garden Communities is also maintaining an active presence in the area, as its latest apartment development, Casa Mira View, is currently under construction and will deliver more than 2,000 units to the market upon completion.
"The Legacy transaction demonstrates the significant demand currently existing for larger, high quality apartment communities in strong and established locations of San Diego. Investors have found great difficulty in acquiring such assets due to the limited availability of this product," said Rosen.
Please see CoStar COMPS #2502628 for additional information on this transaction.