Mission Valley condos sold
The seller of the Deal of the Week was represented by Ed Rosen, John Chu and Alejandro Lombrozo, of Cushman & Wakefield.
The deal was the sale of the fractured Mission at Rio Vista condominium in Mission Valley at 2242 Gill Village Way, San Diego for $77 million. The transaction involved the bulk sale of 316 out of 464 total units in the property.
The buyer was The Missions I L.P. and The Missions II L.P., with Missions Genpar LLC as general partner. G.A. Ranglas is manager of Missions Genpar. The partnerships are controlled by R&V Management Corp. of San Diego. The acquisition was financed with loans of $25,675,000 from Wells Fargo Bank (NYSE: WFC) and $24.3 million from First Republic Bank (NYSE: FRC).
The seller was Missions at Rio Vista LP, c/o general partner Property Management and Development Corporation. Leo R. Frey is president of Property Management.
Built in 1999, the 30-building property occupies a 15.75 acre parcel. The rental units consist of 91-one bedroom units, 202 two-bedroom, two-bath units and 23 three-bedroom, two-bath units. The entire property was last sold in January of 2006 for $135.5 million. Rosen and Chu also represented the seller at that time.
