Located at 110 Dennery Rd. in the city, the multifamily asset sits on a 15-acre site adjacent to Pardee Construction Co.'s new Ocean View Hills master-planned community. Valued at $46 million upon its June 2003 completion, Casoleil is an amenity-rich property that features clubhouse, fitness center, rental office and business center, as well as two swimming pools and spas. Designed by Architects Orange and built by Wermers Corp., the complex is comprised of 17 Tuscan-style buildings that house a total of 346-units. The unit mix consists of one-, two- and three-bedroom floorplans that range in size from 652 sf to 1,249 sf.

The seller, a JMI Realty entity known as JMIR-Otay Multifamily LLC with JMIR Project Manager LLC as manager, was represented by Ed Rosen and John Chu of Burnham Real Estate. The buying entity is comprised of Casoleil LP, Cliffbridge Manor LP and Sunset South Bay Ltd. The firm's general partners are CL Genpar LLC, CM Genpar LLC and SS Genpar LLC, respectively. The manager of the three aforementioned general partners is Gerry A. Ranglas of Mission Valley-based R&V Management Corp. Wachovia Multifamily Capital Inc. furnished the buyer with a loan of $36.5 million for the Casoleil acquisition.