CBRE has arranged the sale of a 73-unit apartment complex in Mission Valley to Canada-based MHA Group for $32.6 million.
The seller of Fashion Terrace, at 6888 Friars Road, is an entity controlled by Silicon Valley-based Acacia Capital, which manages investment funds
“Fashion Terrace was widely sought after with a strong level of interest from both private capital and larger, institutional buyers,” said Kevin Mulhern, a senior vice president at CBRE. “The property generated a high number of tours and offers with its central location and the continued growth of the San Diego market.”
Mulhern and Allen Chitayat of CBRE represented the seller. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE’s Capital Markets’ Debt and Structured Finance team arranged the acquisition loan on behalf of MHA Group.
Peterson said MHA Group “brings a high level of experience and market knowledge to Fashion Terrace.”
A developer of condominium projects in Canada, MHA Group’s U.S. holdings include sites in San Diego and Phoenix.