Presidio View
Photo courtesy of CBRE
A Mission Valley apartment complex has been sold for $155.7 million.
Presidio View, 1440 Hotel Circle North was bought by Griffis Residential, LLC based in Colorado from AEW Capital Management based in Boston.
Built in 2007 by Archstone, the complex has 350 apartments on a nearly seven-acre site.
The complex has a mix of one-bedroom, two-bedroom, and three-bedroom apartments averaging 928 square feet with nine-foot ceilings, walk-in closets, in-unit washer/dryers, storage, and private balconies.
Community amenities include a fitness center, swimming pool, clubhouse, resident lounge and business center, and electric car charging stations.
Kevin Mulhern, Stewart Weston, and Dean Zander of CBRE’s San Diego office represented AEW Capital Management. Griffis Residential represented itself.
“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,” said CBRE’s Kevin Mulhern. “There were more than 40 investor tours and 25 offers and the competition to acquire the property was very intense.”