California + San Diego + Apartments | May 19, 2022

Berkadia San Diego arranged the $21.5 million sale of Elivia Apartments and also procured acquisition financing

Berkadia Closes Deal for Garden Apartments in San Diego’s Clairemont Neighborhood

Berkadia arranged the sale and financing of Elivia, a 66-unit garden-style multifamily property in San Diego’s Clairemont neighborhood. Senior director Tyler Sinks and managing directors John Chu and Edward Rosen of Berkadia San Diego completed the $21.7-million sale on behalf of Seattle-based ALS Spring Mountain LLC.

“The sale of Elivia represents the strength of the local apartment market and the attractive values that sellers are able to realize due to the abundance of capital chasing the asset class,” said Sinks.

Berkadia secured $16 million in acquisition financing on behalf of the buyer. The three-year bridge loan was financed through Bridge Investment Group.

Built in 1959 and located at 5385 Clairemont Mesa Blvd., Elivia features studio, one- and two-bedroom floor plans with designer touches, wood-style flooring, and walk-in closets. The property has recently undergone extensive interior and exterior renovations but has remaining value-add potential with a second phase of enhancements.

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Berkadia's Sinks

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).