SAN DIEGO-As GlobeSt.com previously reported, Alliance Residential recently 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. In an update to the story, MetLife Real Estate Investors provided a five-year $121.5-million floating-rate financing for the acquisition and renovation of the property.
The sale is expected to be one of the largest on the California coast in 2013. Jones Lang LaSalle capital markets' Denny St. Romain, a managing director who helped lead the sales efforts, notes that “San Diego remains an attractive market for buyers and lenders alike. It is an excellent time to take an already top-performing, lucrative asset and add to its value through creatively-structured financing.”
Coronado Bay Club is an 18-building, three-story apartment community, located on the bay across from downtown San Diego in the affluent community of Coronado. It offers unobstructed views of downtown San Diego, the Coronado Bay Bridge and San Diego Bay from select units, and an abundance of onsite amenities. The amenities include: tennis courts, state-of-the-art fitness center, resort-style pool, spa, saunas and locker rooms, dog park, picnic area with barbecues, 18,000-square-foot clubhouse, meeting rooms, business center, catering kitchen, media room, on-site beauty salon and garage parking.
Including this acquisition, Alliance's Southern California region has acquired, commenced construction, completed or contracted for 13 projects with a total capitalization of roughly $1 billion during the current real estate cycle. The company has a 100% closing ratio on properties placed under contract, and is looking to further expand its market share in the region. Specifically, Alliance is looking at several new opportunities to commence in 2014.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
