SAN DIEGO, CA – HFF announces the $10.25 million sale of commercial real estate investment and development firm SENTRE’s 35-unit apartment property Enclave at Lake Murray, a newly renovated, garden-style property in the Southern California community of La Mesa in San Diego County. The HFF team exclusively marketed the property on behalf of the seller, SENTRE, and procured the buyer, RM Realty.
Enclave at Lake Murray is located at 5476 Kiowa Drive approximately fifteen minutes northeast of downtown and San Diego’s world-class beaches and just south of Lake Murray, a popular destination for bicycling, jogging and hiking. The property is two miles from downtown La Mesa, known locally as La Mesa Village, which features restaurants, premium retail, historic destinations and nightlife.
Originally purchased by SENTRE for $7.1 million in December 2013, Enclave at Lake Murray features two-story townhome-style units with spacious one- and two-bedroom floor plans totaling 28,950 rentable square feet and common area amenities, including a swimming pool, spa, grilling area, dog park and fitness center. The property was 94 percent occupied at closing.
“We are pleased to have successfully repositioned Enclave at Lake Murray, selectively renovating units and materially increasing rents since our acquisition in 2013,” said Doug Arthur, President and CEO of SENTRE. “We very much believe in the Lake Murray pocket of La Mesa and think the buyer will do very well with the asset.”
The HFF investment advisory team representing the seller consisted of senior director Hunter Combs.
“The explosion of apartment developments in Mission Valley has translated to robust rent growth in the surrounding submarkets,” said Combs. “Turnkey finishes within unique townhome-style floorplans at Enclave at Lake Murray created significant interest from capital attracted to the long-term future of La Mesa.”