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Condo Project Moves for $48M

SAN DIEGO-The RSD Group sells Club Pacifica, a 240-unit multifamily property. The property is located in the Rancho San Diego area.

By Daniel D. Williams | Updated on February 15, 2006

(To read more on the multifamily market, click here.)

SAN DIEGO-Fears of housing bubbles arise at every local conference, and yet, multifamily plays remain an extremely hot ticket in San Diego County. In the most recent deal, the RSD Group has sold Club Pacifica, a 240-unit multifamily property for $48.3 million. Silverstone Communities acquired the property, which is located in the Rancho San Diego area of San Diego of San Diego County. The firm plans to undergo a condo conversion on the site. No plans were released on pricing of the individual units.Originally built in 1987, Club Pacifica sits on 13.3 acres. The new owners were drawn the property, in part, due to its low density of 18 homes per acre.Amenities at the site include two swimming pools, two spas, a tennis court, indoor racquetball court and a children’s play area. Other sites amenities include a fitness center, sauna and common area.Club Pacifica counts 240 carports and 205 open spaces on the property, totaling 445 total parking spaces for a parking ratio of approximately 1.85 spaces per unit. As for floor plans, the site offers individual units ranging in size from 636-sf, one-bedroom, one-bathroom units to 1,047-sf, three-bedroom, two-bath homes. The units include vaulted ceilings and a private patio or balcony.J. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway of CB Richard Ellis’ San Diego Central office represented both the seller and the buyer in the deal.

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