The multifamily market has been one of San Diego’s best performing commercial property sectors throughout the recession, so it’s no surprise that The San Diego Deal of the Year came from the multifamily rental market. The sale of The Coronado Bay Club Apartments in December 2013 was indicative of the multifamily market’s strength – it was one of the largest multifamily trades on the entire west coast.
The San Diego JLL team of Executive Vice President Darcy Miramontes, Vice President Kip Malo and Executive Vice President Diane Miramontes represented LaSalle Investment Management. The purchaser was a joint venture between Alliance Residential and a large institutional investment partner.
The 549-unit bay-front complex was built in 1971 and renovated in 2008. Coronado Bay Club Resort Apartments offers studio to 2-bedroom floor plans ranging from 405 to 1,063 square feet with many units enjoying spectacular views of the bay and downtown San Diego skyline. Rents range from $1,193 to $2,683 per month and occupancy hovers at almost 100%. Amenities include an 18,000-square-foot club house, with meeting rooms, business center, catering kitchen, media room, beauty salon, tennis courts, dog park, pool, spa, tennis courts, a picnic area with grill stations and garage parking.
“It’s a one-of-kind location. I think it was first and foremost the reason a lot of investors were initially attracted to this asset. With that being said, there aren’t a lot of buildings like it. There aren’t a lot of sales comparable to point to in terms of pricing, so it was our job to help define the Coronado submarket and also define it as part of the larger San Diego market. It has a San Diego beach feel, but ist also has close proximity to the urban core of San Diego. Once investors wrapped their arms around some of those focal points and some the comparables in the market and market data, not only on Coronado, but on San Diego as a whole, it was very helpful,” Darcy Miramontes said.