A Denver-based investment firm has purchased a La Jolla apartment community located on a site with ties to San Diego’s history.
Aimco Holdings LP recently acquired Prospect 400, a 60-unit apartment building at 400 Prospect St., for $29 million, according to CoStar Group. The seller was the Carolyn M. Holmer Irrevocable Trust, represented by brokerage firm CBRE.
The four-story building was constructed in 1970 on 0.65 acres and renovated in 2009. Long before that, CBRE noted in its own statement, that site was a local landmark and the former summer home of Frederick William Kellogg and his wife Florence Scripps, before it was redeveloped for apartments in 1970.
The property now includes an ocean-view sundeck, heated pool, hydro-therapy spa and a resident lounge with a full kitchen, media niche, billiard table and restrooms. The apartment property was originally designed by Alan Daun and built by Mabie and Mintz Inc.
CBRE Senior Vice President Jim Neil described the property deal as a “once-in-a-generation transaction” because of its ocean-adjacent location and landmark status, noting that there was strong investor interest when the property was placed up for sale.
According to its website, Aimco before its latest acquisition owned a total of 11 apartment properties in San Diego, Escondido and Oceanside. It has had a sizable presence in the local market since at least 1996, when it acquired Walters Management Co. in San Diego.
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Tarsadia Buys Hilton in Mission Valley: Tarsadia Hotels of Newport Beach has purchased the 349-room Hilton San Diego Mission Valley hotel for approximately $44.6 million. The seller was HEI Hotels & Resorts of Connecticut, according to data from CoStar Group.
The 14-story property was built in 1988 on approximately 4 acres at 901 Camino Del Rio S.
The acquisition was financed with a down payment of $5.1 million and a loan of $39.5 million from East West Bank, according to CoStar and public data.
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New York Buyer Acquires Copley Business Center: New York-based HighBrook Investment Management LP has purchased the Copley Business Center office complex in Kearny Mesa for $22.5 million.
The seller of the 102,000-square-foot property was a private tenant-in-common entity sponsored by Thompson National Properties, according to a statement from real estate services firm HFF, which represented the buyer and seller.
The property at 5751-5771 Copley Drive currently serves as the corporate headquarters of Reva Medical Inc. and also houses other tenants. It was 87 percent leased at the time of the transaction.
The three-building campus was completed in 1997. The new owner has secured a lease renewal with XO Communications at the complex, the statement said.
The off-market transaction included the new owner’s assumption of an existing commercial mortgage backed securities loan.
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Kearny Mesa Retail Center Gets New Owner: Mercury Clairemont Mesa LLC has purchased the Mercury Village Shopping Center in Kearny Mesa for $7.98 million, according to a statement from brokerage firm CBRE, which represented the buyer.
The seller of the property, Mercury Village Holdings LLC, represented itself.
The center was built in 1979 on 1.89 acres at 8006-8080 Clairemont Mesa Blvd. and was fully leased at the time of sale. The 18 tenants at the 28,730-square-foot center include Subway, Fan Diego and Freeway Insurance.
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Local Firm Buys Sacramento Apartments: San Diego-based Jupiter Investment Group Inc. has purchased a 125-unit apartment complex in Sacramento for $8 million. Wedgewood Apartment Homes was built in 1970 in the Pocket-Greenhaven neighborhood of Sacramento, according to CBRE, which represented the buyer.
The seller was Truwest Investment Group LP, represented by ARA Pacific. About 58 percent of the units in the acquired property have recently been renovated, and the buyer is holding approximately 20 units off the market pending further renovations.
Jupiter Investment Group, led by President and CEO Jonathan Lampitt, was founded in 1993 and is focused on the acquisition, rehabilitation and management of apartment communities. The company’s current holdings include nine properties in California and Arizona, including one in La Mesa, according to its website.
Send commercial real estate and development news of general local interest to Lou Hirsh via email at firstname.lastname@example.org. He can be reached at 858-277-8904.