Coronado Island MF Complex Brings $160M

SAN DIEGO, CA-Alliance Residential has acquired Coronado Bay Club, a 549-unit, garden-style apartment community located on the water in Coronado, an affluent “island” adjacent to downtown San Diego. The deal was brokered by Jones Lang LaSalle on behalf of LaSalle Investment Management. Alliance’s JV partner in the transaction is a large institutional pension fund investor with MetLife Real Estate Investors serving as lender.

“With our $160 million-plus purchase of Coronado Bay Club this week, Alliance’s Southern California region is continuing our tremendously quick start out of the gate this cycle,” says Drew Colquitt, Alliance’s managing director for acquisition, development and construction in Southern California. “We were staffed strategically coming out of the recession and in a solid position to purchase well-located multifamily development sites at discounted prices, as well as undertake several early-cycle development starts and value-add acquisitions.”