A 350-unit apartment complex in Mission Valley has been sold to Griffis Residential, LLC, of Colorado, for $155.7 million.
The complex, situated on nearly seven acres at 1440 Hotel Circle North, includes a mix of one-, two- and three-bedroom floor plans averaging 928 square feet.
According to GriffisResidential.com, the building, once known as Presidio View, has been re-christened Griffis Mission Valley.
The property, built in 2007 by Archstone, features nine-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a fitness center, swimming pool, clubhouse, lounge and business center, and electric car charging stations.
“It’s very rare to be able to acquire a well maintained 2007 vintage asset of this scale in a primary San Diego location like Mission Valley,” Kevin Mulhern of CBRE said. “There were more than 40 investor tours and 25 offers and the competition to acquire the property was very intense.”
According to CBRE, there are 820,000 jobs within a 10-mile radius of the property, with more than 64,000 of them within Mission Valley. Part of that is due to the community’s role as the largest retail corridor in San Diego, with approximately 5.4 million square feet of retail space.
Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller, Boston-based AEW Capital Management.