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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.

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JLL's Malo

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 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
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