Waterton Enters San Diego Market with Multifamily Acquisition

Real estate investment firm and Chicago-based Waterton has entered the San Diego market with the purchase of Veranda La Mesa, a 406-unit multifamily complex in La Mesa, CA. The price and the seller were not disclosed.

“La Mesa offers proximity to the region’s largest job centers and educational institutions,” said Waterton VP Jeremy Stern. “Beyond the substantial amenity offerings, the property has been well maintained and past owners have made a concerted effort to create a high-quality rental experience.”

Situated on 18 acres at 5353 Baltimore Dr., Veranda La Mesa offers studio, one- and two-bedroom apartment homes. Community amenities include multiple clubhouses, four swimming pools, six spas, a fitness center and two dog parks. Waterton plans on implementing a value-add strategy across the common spaces, while modernizing some residences with new countertops, appliances and more.

The JLL team of Darcy Miramontes, Kip Malo, Danny Kaufman, Jamie Kline and Zane Sweet arranged both the sale and the acquisition financing for the asset.