SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for The Ridge on Jackson, a 45-unit, garden-style multi-housing community in the San Diego suburb of La Mesa, California.
HFF marketed the property exclusively on behalf of Curtis Capital Group. Stricker Family Partnership purchased the asset for $8.9 million free and clear of existing debt. Additionally, HFF worked on behalf of the new owner to place the $5.6 million, seven-year, fixed-rate acquisition loan with Chase Commercial Term Lending (“Chase”).
Located at 5639 Jackson Drive, The Ridge on Jackson is approximately 13 miles east of downtown San Diego and provides convenient access to Interstates 8 and 15 and State Routes 94, 125 and 163. Situated on 1.5 acres, the 98-percent-leased property was partially renovated in 2014 and has six buildings housing studio, one- and two-bedroom units averaging 660 square feet each. The community is walking distance to Lake Murray and nearby shopping/dining attractions and has amenities including a swimming pool, two sundecks with barbecue grills and covered parking.
The HFF investment sales team was led by director Hunter Combs.
HFF’s debt placement team was led by director Zach Koucos. Client manager Scott Schweer oversaw the transaction for Chase.
“The Ridge on Jackson presented the unique opportunity to continue a proven value-add renovation program and realize significant rent premiums. There was a very competitive bidding process with a deep buyer pool seeking Southern California value-add opportunities in a low-vacancy market,” said Combs. “Strong economic drivers in East San Diego County have created a tremendous demand for housing in La Mesa.”
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.