Cabrillo Palisades Brings $62M

SAN DIEGO-In one of its largest deals to date, Beverly Hills-based Universe Holdings Development Co. LLC has made a major apartment grab in the Kearny Mesa area of the city. In the deal, Universe Holdings paid a private investor some $62 million for Cabrillo Palisades, a 369-unit apartment community. Universe Holdings will put another $3.5 million into renovating the property, according to Henry Manoucheri, CEO of the company.”The value-added deal is our specialty,” Manoucheri tells Globest.com. He says his company plans to bring the property, which is made up exclusively of two- and three-bedroom townhomes, back to its original look. “We’re returning the property to its 1960s color schemes.” says Other upgrades include parking and landscaping work.Situated on nearly 13 acres and “sandwiched” between the 805, 163 and 53 freeways, the property is ideally located, according to Manoucheri, and offered an interesting investment play. “This property had been owned by the same family for 42 years, a family who resides on the East Coast and this was their only property out here.”The transaction was handled by John Chu and Ed Rosen of Burnham Real Estate’s San Diego office. Chu adds that the property received multiple offers, but Universe Holdings’ “quick close terms” helped seal the deal.Manoucheri says that his company “prides itself on being able to not only make rapid entrepreneurial decisions, but also to follow-through with rapid funding and quick-close capabilities. We also don’t renegotiate our own offers.”Last fall, the company acquired Deer Creek, a 172-unit senior apartment complex for $20 million. Located in Chatsworth, the property includes an additional 10 acres where Universe Holdings will develop luxury senior units. Manoucheri says the company has an additional deal in escrow that it will announce soon.Since its founding in 1995, Universe Holdings has acquired more than $350 million in multifamily property and, along with its affiliate, Global Integrity, owns and manages more than 2,300 units in Los Angeles, San Diego, the Inland Empire, Santa Barbara and Ventura counties.