Dixie Hall, Kevin Mulhern and Rachel Parsons CBRE Central Park La Mesa 5636 Amaya Drive, La Mesa 124 condominium rental homes Total consideration: $28.3 million
About the property: For sale were 124 rental homes in the 216-unit Central Park La Mesa condominium community. It was built in 1989 and partially renovated in 2006. The seller had purchased the property in 2010.
The property features two- and three-story buildings with Mediterranean-style architecture, such as red-tiled roofs. Amenities in the one and two-bedroom units varied, but included vaulted ceilings, fireplaces, central heat and air-conditioning, stackable washers and dryers, patios and balconies.
Dixie Hall noted the property was attractive to buyers because of its low-density design, large expanses of grassy areas, and close proximity to a larger community park. “A lot of why the buyer was attracted to the property was the amount of green space. It has a very nice ambiance. It’s a nice, peaceful property,” Hall said.
Closing the deal: The CBRE multifamily team of Dixie Hall, Kevin Mulhern and Rachel Parsons represented the seller, JH/TMP La Mesa, an affiliate of Newport Beach-based JH Real Estate Partners Inc. in the sale of Central Park La Mesa for $28.3 million in November 2014. The buyer was VLD Sweetwater LP and Central Park Partners LP, partnerships controlled by San Diego-based R&V Management.
The property was offered free and clear of debt, and with an established homeowners’ association.
Hall noted that the 124 units offered a “value-add opportunity,” as the exterior was in good shape allowing the buyer the opportunity to modernize the interiors with higher-grade finishes. Some 24 units had already been renovated to include stainless steel appliances, new fixtures and granite counter tops.
“It’s a nice looking property with a healthy reserve in the HOA,” Hall said. “It’s difficult to find properties of this size for sale in La Mesa.”