Purchased in July of 2016 as the third asset in Fund II, Mission Trails in San Diego, CA includes 208 apartment homes. Built in 1987 and located adjacent central Mission Valley and San Diego State University, the property received an extensive makeover of common area amenities, exterior finishes and unit interiors. A Mediterranean color scheme applied to the exterior complemented the architecture.
The units were upgraded with kitchens including open concept bar-tops, stainless appliances, plank flooring, quartz counters and new hardware, plus an upgraded two-tone paint scheme. The 4,000 square foot club and leasing center was completely reworked with the addition of an expanded fitness facility, new leasing and management offices, an open club and breakfast bar, and the addition of a club/party/game room. The pool and spa area were completely rebuilt with new and expanded decking, a glass fence, the addition of two BBQ facilities and a fire pit, with new shade sails and cabanas providing shade.
With unit renovations completed in fall 2020, the property was extensively marketed by Kevin Mulhern and his team at CBRE. Strong demand for quality, refurbished property led to a competitive bidding situation with a Hawaii based private Buyer coming out on top.
Thank you to our teams on the Fund, Property Management, Finance, Accounting and all those who touch these transactions. We are pleased to report we were successful in gaining the property management assignment from the new Buyer on a continuing basis for Mission Trails.
William B. Montgomery
Chief Investment Officer