California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Northwestern Mutual Divests Otay Ranch Apartments for $116M
JLL Capital Markets closed the $116-million sale of, and $71.842-million acquisition financing for, Pulse Millenia, a 273-unit, garden-style multi-housing community located in the Otay Ranch region of Chula Vista. JLL represented the seller, Northwestern Mutual, and secured a seven-year, fixed-rate loan through Freddie Mac Multifamily on the buyer’s behalf.
Built in 2016 and situated at 2043 Artisan Way, Pulse was the first apartment community constructed as part of the $4-billion Millenia Master Plan within Otay Ranch. Spanning approximately 210 acres, the Millenia development showcases more than 200 retail offerings and 3,000-plus luxury residences. It offers convenient highway access to 125-Hwy and 805-Fwy.
The JLL Capital Markets investment sales advisory team was led by managing director Kip Malo. Executive managing director Charles Halladay, managing directors Annie Rice and Brandon Smith and senior director Rick Salinas led the JLL Capital Markets debt advisory team.
Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.
- ◦Sale/Acquisition
