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California  + San Diego  + Apartments  | 

Herndon Capital Makes First San Diego Acquisition

Walker & Dunlop has completed another multifamily sale in the San Diego area, closing an $18.25-million deal for Pacific Cove, an 81-unit apartment community. For buyer Herndon Capital Partners, the deal marked its first San Diego acquisition. 

The San Diego Investment Sales team led by Hunter Combs represented both Herndon Capital Partners and the seller, Constellation Realty Management. The team has arranged numerous multifamily transactions in the region over the past three years, most recently closing a $174-million sale in Vista earlier this month.

Located at 4025 Oakcrest Dr., Pacific Cove was fully renovated in 2019 and includes a mix of studio, one- and two-bedroom units. The central location within Mid-City provides residents immediate access to major employment hubs of San Diego, including Downtown, Mission Valley, UTC and Kearny Mesa, says Walker & Dunlop. 

For up-to-the-minute insights on the state of the market and what’s next in the current cycle, be sure to attend Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, IL. Click here to register.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
  • 3111 W Ramona

    Alhambra, CACalifornia & West + Apartment Buildings
    Listing Status:Available
    Price:$3,700,000
    No. of Units:13
    Cap Rate:4.51
    GRM/GIM:12.89
    Average Occupancy:97
    Year Built:1954
    Building Size:11778 Sq ft
    Lot Size:11253 Acres
    No. of Stories:2
    APN:5352-013-007
    Zoning Code:ALRPD
    No. of Parking Spots:11
    Opportunity Zone:No
    Buy Side Fee:$3
    Price per unit:$284,615
    Learn More
  • Element Apartment Homes

    Sunnyvale, CACalifornia & West + Apartment Buildings
    Listing Status:Available
    Price:$12,400,000
    No. of Units:26
    Cap Rate:4.71
    GRM/GIM:13.93
    Year Built:1963
    Building Size:19230 Sq ft
    Lot Size:0.84 Acres
    No. of Stories:2
    APN:161-17-013
    No. of Parking Spots:38
    Opportunity Zone:No
    Price per unit:$476,923
    Learn More
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