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Sares Regis Sells San Carlos Apartment Complex
San Diego-based Shapery Enterprises acquired Mission Trails, a 208-unit apartment community in San Diego’s San Carlos neighborhood from Newport Beach-based Sares Regis Multifamily Value Add Funds. Sales pricing was undisclosed.
Located at 6975 Golfcrest Dr., the 175,152 square-foot property was originally built in 1987 on a 4.49-acre lot. The unit mix is comprised of 84 one-bedroom, one-bathroom units and 124 two-bedroom, two-bathroom units. The three-building community recently underwent extensive renovations and features a resident lounge, dog park, pool, fitness center, tennis court, sport court, game room and 288 subterranean parking spaces.
CBRE’s Kevin Mulhern, Stew Weston, Dean Zander and John Montakab represented the seller. The buyer was self-represented.
Mulhern says, “Recent renovations to the property also helped drive strong investor interest for the asset. We have seen really strong interest in suburban assets in the midst of the pandemic, as these properties have been performing much better than higher density urban assets.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
