Developing the Perfect View

Sobrato Development Cos. purchased the Westview Village Apartments, located at 11760 Westview Parkway in San Diego. The 181-unit apartment complex was purchased for $33.475 million, nearly $185,000 per-unit. The 208,240-square-foot property was purchased at a 7.18% cap and a gross rent multiplier of 9.11. The property features a nice mix of two and three bedroom units, a pool, a spa, saunas, and a racquetball court. Kevin Mulhern, Richard Schneider, and John Woolson of CB Richard Ellis' San Diego office, along with Raymond Eldridge and Christian Knowles of CBRE's Newport Beach office represented Sobrato Development, as well as the seller, CIGNA.