SAN DIEGO – July 31, 2017 – Berkadia today announced the recent $53 million sale of Encinitas Heights, a garden-style multifamily property located in Encinitas, California. Managing Directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen of Berkadia’s San Diego office represented the seller. The buyer was San Diego local firm Property West Residential. The deal closed on July 13.
“Encinitas Heights was built in 2002, making it the newest multifamily project within the highly desirable residences of Encinitas, California,” Rosen said. “This local investor has paid a record-setting highest price-per-unit in Encinitas, prior to even factoring in the community’s affordable units. And while few sales have occurred over the past couple of years, the market remains strong, as most owners are long-term holders who are trying to build a bigger presence within this market.”
The 120-unit, institutional-quality Encinitas Heights is located at 1100 Garden View Road, affording convenient access to the nearby beach community, Cardiff by the Sea, Encinitas Ranch Town Center, Downtown Encinitas and Encinitas Ranch Golf Course. The property features spacious one-, two- and three-bedroom apartments with in-home washers and dryers, central air conditioning, and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rentable clubhouse.