SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $28.9 million sale of Sun Ridge Apartments, a 160-unit, garden-style apartment complex in the East San Diego County community of Santee, California.
HFF marketed the asset on behalf of the seller, MG Properties Group, and procured the buyer, Stratford Partners. The property was sold free and clear of existing debt.
Sun Ridge Apartments is located at 8729 Graves Avenue adjacent to SR-52 and SR-67. Situated on 5.45 acres, the community is approximately 19 miles northeast of downtown San Diego and less than two miles from Santee Town Center and Santee Trolley Square, which offers numerous retail, dining and entertainment amenities, as well as light rail access through central and downtown San Diego. The gated community has 16 one-bedroom and 144 two-bedroom units averaging 843 square feet and features a swimming pool, covered picnic area with grills, gated dog runs, children’s playground and 24-hour laundry facility.
The HFF investment sales team was led by director Hunter Combs and senior managing director and co-head of the national multi-housing investment sales platform, Sean Deasy.
“The 52 freeway extension has dramatically cut Santee resident’s commute times to San Diego’s top employment hubs, including Kearny Mesa and UTC,” said Combs. “With new nearby shopping and entertainment attractions, a transit-oriented location and top-tier schools, including Grossmont College and the new San Diego Christian College, Sun Ridge Apartments is very well positioned for long-term growth.”
About MG Properties Group: MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. During the last 24 years, MG Properties Group has acquired 89 communities with its private investors and institutional joint venture partners totaling over 18,000 units, representing more than $2.5 billion in total asset value, including 8,500 units at a value of $1.3 billion since 2010. The company’s current portfolio includes over 11,000 units in California, Oregon, Washington, Arizona and Nevada. MG Properties Group employs 400 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.
About Stratford Partners: Stratford Partners is a private real estate investment company exclusively focused on the acquisition of multi-housing assets in the major metros of the West Coast. Stratford Partners invests its own equity alongside both institutional and private equity investors who are aligned with the company’s goal of adding value to the communities it operates. The principals of the firm have acquired, owned and operated a portfolio in excess of $600 million and have invested in excess of $200 million in equity.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.