Intense Buyer Competition for Presidio View Lands $155M Offer

Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego, recently sold to Griffis Residential LLC for $155.7 million. The buyer was undisclosed.

Presidio View is situated on 6.96 acres at 1440 Hotel Circle North and includes a mix of one-, two- and three-bedroom floorplans averaging 928 square feet. The property was built in 2007 by Archstone and features electric car charging stations.

Kevin Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller, Boston-based AEW Capital Management.

“It’s very rare to be able to acquire a well-maintained 2007 vintage asset of this scale in a primary San Diego location like Mission Valley,” said Mulhern. “There were more than 40 investor tours and 25 offers and the competition to acquire the property was very intense.”

Presidio View is located on the western end of Mission Valley, offering freeway access to Interstate 8 and Highway 163. The property is near San Diego’s largest employment centers including Kearny Mesa, downtown San Diego and UTC. The University of San Diego, San Diego State University and UC San Diego are less than 10 minutes by car. The property is also within walking distance to Fashion Valley Mall.

With approximately 5.4 million square feet of retail space, Mission Valley is the largest retail corridor in San Diego, according to CBRE research.