Fund II Acquires Mission Trails in San Diego, California
On July 22, 2016, Sares Regis Multifamily Value-Add Fund II, L.P. (SRMF VA-II) acquired Mission Trails, a 208-unit Class B apartment community located in the city of San Diego, for $56,900,000 ($273,558 per unit). Just minutes from Lake Murray, Mission Trails Apartments is located in San Carlos directly across from Cowles Mountain and Mission Trails Regional Park, next door to Mission Trails Golf Course. The property offers convenient access to a full array of shopping, dining and entertainment venues including Fashion Valley Mall, Grossmont Center, Qualcomm Stadium and San Diego State University. Mission Trails is approximately 13 miles northeast of Downtown San Diego and central to all major employment centers.
Residents within the community enjoy an array of amenities including a pool and spa, clubhouse, basketball court, tennis court, dog park, business center, gas fire pit with lounge seating, island with BBQ and shade, underground parking, and a fitness center. Unit amenities include private patios and balconies, central heat and air, full-size washers and dryers, and fully equipped kitchens. Select units include walk-in closets, wood-burning fireplaces, and golf course views.
Previous ownership focused on deferred maintenance while initiating enhancements on a smaller percentage of unit interiors. SRMF VA-II plans on completing and expanding this renovation program with higher-end specifications, along with renovating the leasing center, clubhouse, pool, and fitness center.