May 1, 2018 – HFF announces the sale of and acquisition financing for Bella Posta, a 344-unit, mid-rise apartment community in San Diego’s Mission Valley submarket.
The HFF team marketed the property on behalf of the original developer, The Padre Gardens Rancho Mission, LP. SARES REGIS MULTIFAMILY VALUE-ADD FUND II, L.P., purchased the asset free and clear of existing financing. Additionally, the HFF team worked on behalf of the new owner to secure floating-rate acquisition financing.
Bella Posta consists of four garden-style buildings comprising a mix of one- and two-bedroom units averaging 816 square feet. The 95-percent-occupied community is situated on approximately eight acres adjacent to the Interstate 15/8 interchange and SDCCU Stadium. Bella Posta is also a short distance from the Grantville Trolley Station, which provides easy access to San Diego’s major employment centers in the CBD, Fashion Valley, East County and Kearny Mesa. Community amenities include two swimming and spa areas, grilling area, locker rooms with saunas, fitness center, racquetball court, clubhouse and a blend of private garages and underground parking.
The HFF investment advisory team representing the seller included senior director Hunter Combs and senior managing director Sean Deasy.
HFF’s debt placement team representing the borrower consisted of executive managing director Kevin MacKenzie and senior director Brian Torp along with senior managing director Timothy Wright.
“Market reception was robust for a multi-housing opportunity within the Mission Valley submarket, where institutional trades typically happen only once every decade,” Combs said. “The unique value-add opportunity from the original developer positions Bella Posta well for long-term growth.”