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Mystery Buyer Claims San Diego Asset from Equity Residential for $313M
Chicago-based Equity Residential sold Vantage Pointe, a 679-unit apartment property in downtown San Diego, to an undisclosed party for roughly $312.5 million. The three-building asset at 1281 9th Ave. was built in 2009 and encompasses towers rising 40, 26 and 10 stories.
Equity Residential’s Mark J. Parrell says, “We are pleased to execute on the opportunity to sell this asset at a price that we had ascribed to the property pre-pandemic. The use of these proceeds to address our only significant 2021 maturity leaves us with minimal near-term maturities, preserves the flexibility of our balance sheet and maintains credit capacity for future opportunities.”
The transaction achieved a disposition yield of 4.1%, generating a preliminary unlevered IRR of 8.8% over the company’s ten-year ownership period. The sale proceeds, as well as cash on hand and borrowings under its commercial paper program, were used to satisfy obligations on Equity Residential’s $750 million 4.625% unsecured notes, debt maturities which are due in December 2021.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




