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New Casoleil Owner Pays $59M

SAN DIEGO-An investment partnership acquires the 346-unit Casoleil apartment asset from an entity of JMI Realty. Located at 110 Dennery Rd., the amenity-rich property was completed this past June.

By Erin Cassin | Updated on January 12, 2004

SAN DIEGO-JMI Realty has sold off its Casoleil apapartment asset, which it developed last year, to an investment partnership that shelled out $58.5 million for the luxury complex.

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.

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