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Monday, Mar 18, 2024
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Cendant Plans Mission Valley Complex Makeover

Cendant Timeshares Resort Group of Redmond, Wash., has purchased Oakwood Mission Valley, a 170-unit multifamily residential property in San Diego, from Englewood, Colo.-based Archstone-Smith for $32.8 million.

The transaction, announced in mid-October, was brokered by the West Coast office of Moran & Co.

The new owners intend to spend $17 million to convert the property, previously operated as apartments and short-term corporate housing, into a time-share resort.

Interiors will be redone, new stainless steel appliances and 42-inch cabinetry will be added and plumbing will be replaced. In addition, the common areas, including the lobby, hallways and meeting facilities, will be improved.

Built in 1990, the Oakwood Mission Valley property consists of 58 one-bedroom units and 112 two-bedroom residences. All are housed in a single four-story building with an attached two-story atrium at the entrance. Both are wood framed with stucco exteriors. The units range in size from 598 to 897 square feet.

, Connie Lewis

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