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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.