California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
LaSalle Picks Up Rancho Bernardo MF for Core Fund
LaSalle Investment Management recently acquired the Overlook at Bernardo Heights, a 330-unit multifamily community in San Diego, reportedly for $119 million. LaSalle acquired the asset on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (LPF). The deal was brokered by Moran & Company.
The property is located in the affluent Rancho Bernardo submarket of San Diego, with convenient. access to major employers in the San Diego metro. Built in 1987, Overlook at Bernardo Heights also presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents.
LPF portfolio manager Jim Garvey said the acquisition was “a good fit with LPF’s strategy to invest in high quality multifamily properties that are both located in top markets and offer the potential to be further enhanced through a modest renovation program.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
