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July 20, 2017

65-Unit MF Community Sold for $18M

Connect Commercial Real Estate

Dennis Kaiser

Pacific Urban Residential divested Vue at Lake Murray, a 65-unit multifamily community in San Diego for $18 million to an undisclosed buyer. Kidder Mathews'Jim Neil, Eric Comer and Merrick Matricardi represented the seller.

Located at 6867 Golfcrest Dr., the property has resort-like amenities including a clubhouse, swimming pool, and fitness center. It is near Lake Murray, located in Mission Trails Regional Park. The location also provides convenient access to the 52 Freeway, State Route 125, and Interstate 8, and it is 13 miles from downtown San Diego.

Built in 1970, Vue at Lake Murray underwent major renovations to the exterior and 49 of the units in 2010 and 2016. Leasing activity at the property indicates a value-add opportunity with continued renovations to the remaining 16 units.

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