The buyer was attracted to the property's location, as well as its trophy status, massive size, and top-of-the-line architecture and landscaping, according to Timothy D. Wright of the local office of Holliday Fenoglio Fowler LP. Wright, along with colleagues Matthew Lawton of the firm's Chicago office and David Nachison based in the Washington, DC office, arranged the recent transaction.
All of the aforementioned elements "served to make the asset attractive to the buyer," Wright tells GlobeSt.com, adding that the Promenade Rio Vista sets itself apart from "generic, suburban," multifamily product. "It is a class A property in an infill location that incorporates light rail into it," Wright explains.
Located off Qualcomm Way on Rio San Diego Drive in Mission Valley, the Promenade Rio Vista is located 15 minutes from Downtown, according to Wright. With a light rail stop located inside the multifamily complex, residents are just two trolley stops away from five million sf of retail, he adds. "No other project in Southern California has this kind of access to retail, office and entertainment without getting into a car," Wright tells GlobeSt.com.
Designed to be built in two phases, the Promenade Rio Vista is slated to house 970 multifamily units upon completion. Phase I has already been constructed, with the second phase scheduled for buildout in June 2004. The sale of the asset has been structured in two stages as well, with the first having already wrapped up and the second slated to close in June (upon the completion of Phase II and the final certificate of occupancy.)
At buildout, the Promenade Rio Vista will consist of six, four-story buildings that will each feature a central private courtyard with landscaping and fountains, two levels of subterranean parking and elevator services. Additional amenities will include concierge and cleaning services, a business center with a conference room, a clubhouse with a library and full kitchen, a fitness center with a sauna and showers, river walkways, and a pool and spa with barbeque pits and entertainment decks. Units will range in design from a 652-sf, one-bedroom, one-bath floorplan to a 1,273-sf, two-bedroom, two-bath layout.
Developed and constructed by the Greystone Group, the Promenade Rio Vista was designed by MVE Architects, with landscape design handled by Lifescapes Intl. The project has already won several accolades, including the 2003 Golden Nugget Award for the best apartment project of four or more stories.
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