SAN DIEGO – December 12, 2019 – Berkadia announced today the $22.5 million sale of La Jolla Park West, a 60-unit multifamily property located in San Diego, California. Managing Directors Ed Rosen and John Chu and Associate Director Tyler Sinks of Berkadia’s San Diego office completed the transaction on behalf of the seller, California-based Hunt Pacific Management Corporation. The buyer was Mark Gosselin, president of Property West Residential Inc, and the deal closed on November 21.
“The multifamily market remains strong despite impending rent control regulations that will go into effect in January 2020,” said Sinks. “The sale of La Jolla Park West is a testament that well-located assets with strong fundamentals will continue to command high valuations and strong investor demand.”
The sale of La Jolla Park West marks one of the few apartment transactions in the highly coveted University Town Center submarket.
Located at 5165 Luigi Terrace, La Jolla Park West features one- and two-bedroom floor plans with 10-foot ceilings and private patios or balconies. Community amenities include a pool and a spa, shared garages and a laundry facility.