H.G. Fenton Expands Apartment Portfolio

SABRE SPRINGS, CA-One of San Diego County’s largest developer/owners just got bigger. Taking advantage of the tremendous lack of affordable housing in the area, H.G. Fenton Co. has taken a major step in filling the gap with $71.4 million in apartment acquisitions. The local company landed the Evening Creek and Creek View apartment communities in Sabre Springs in the deals.H.G. Fenton, dba Evening Creek LLC and Fenton Creek View LLC, acquired both multifamily properties from The Wolff Companies. The company acquired Evening Creek for $35 million and Creek View for $36.4 million. Evening Creek counts 139 units while Creek View adds 133 units to H.G. Fenton’s portfolio, which now tops 2,800 units in San Diego County. J. Kevin Mulhern, Dixie Hall and Dick Schneider of CB Richard Ellis’ San Diego Central office represented both parties in the deals, with assistance from Ray Eldridge and Chris Knowles of CB Richard Ellis’ Newport Beach office.Both communities are located near the newly completed SR-56 corridor and provide employees working in the business centers at Scripps Ranch, Carmel Mountain, Poway and Miramar, easy access to work, according to Mike Neal, president and CEO of H.G. Fenton Company.Built in 2001 by Pardee Homes, Evening Creek includes 96 two-bedroom and 43 three-bedroom units, including a two-bedroom with den option. Built in 2002, also by Pardee, Creek View counts 82 two-bedroom and 51 three-bedroom units, also with a two-bedroom with den option. The floor plans at both communities range from 998 sf to 1,353 sf.Other area communities owned by H.G. Fenton include: Seagate in Carlsbad, 272 units; Solana Highlands in Solana Beach, 194 units; Bella Del Mar in Del Mar, 96 units; Scripps Landing in Scripps Ranch, 160 units; Tierrasanta Ridge and El Dorado Hills in Tierrasanta, 356 and 455 units, respectively; Club River Run and River Front in Mission Valley, 368 and 229 units, respectively; and the Portofino community in Mission Valley, 396 units.Besides its multifamily holdings, H.G. Fenton also owns more than three million sf of industrial space in San Diego County. The company has industrial projects in the works as well, including the one million-sf Fenton Technology Park in Sorrento Mesa.