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Mission Ridge Changes Hands for First Time in 30 Years

A recent financing and sale transaction represents the first time that Mission Ridge Apartments in Encinitas has changed hands in more than 30 years. The buyer was Interstate Equities Corp. (IEC) and the price was undisclosed.

“Mission Ridge represents the exact property profile that can be elusive in Coastal San Diego: a large apartment complex in a supply-constrained submarket that is both walkable to retail and commutable to major employment nodes,” stated Brendan Gibney of IEC. “Mission Ridge’s vintage and condo-spec construction added to its appeal.”

Walker & Dunlop’s Hunter Combs, Blake Rogers, Alexandra Caniglia, Javier Rivera and Kevin Sheehan represented both the property ownership and the buyer. Jeff Burns, Chris Botsford and Justin Nelson of Walker & Dunlop’s multifamily finance group worked alongside the sales team to arrange acquisition financing on behalf of IEC.

“This was an extremely rare transaction in the coastal submarket of Encinitas. This transaction represents the first time that Mission Ridge Apartments has traded hands in over 30 years,” said Combs. “In addition to being located in a highly desirable and notoriously low-trade submarket, this asset presents an unparalleled value-add investment opportunity with significant upside.”

The 196-unit multifamily community was originally built as condominiums in 1985 and then converted to apartments, so the property has spacious units averaging 1,034 square feet on 18.5 acres. Mission Ridge is a short drive from the beach and downtown Encinitas. Ample retail including Sprouts, Trader Joes and Ralphs are within walking distance.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition
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