IRVINE, Calif. – February 18, 2022 – Berkadia Institutional Solutions announced today the sale of Jefferson Pacific Beach, a 172-unit garden-style multifamily property located in San Diego, California. Managing Director Rachel Parsons, Senior Directors Derrek Ostrzyzek and Mike Murphy of Berkadia Irvine completed the sale on behalf of the seller, Texas-based JPI. The buyer was Equity Residential, and the deal closed on February 15.
“Jefferson Pacific Beach represented a generational opportunity to acquire a luxury coastal asset,” said Parsons. “The property is one of only four institutional assets built west of Interstate 5 along San Diego’s entire 70 miles of coastline in the past 30 years, which is why the deal commanded such a broad investor audience.”
Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features spacious one-, two- and three-bedroom floor plans with high-end luxury appointments and a comprehensive amenity package including a large pool deck / clubhouse with stunning bay views as well as 13,862 square feet of retail. The property allows residents convenient access to Mission Bay and Mission Beach, Mission Bay Golf Course, Interstate 5 and the shops and restaurants along Garnet Avenue.
“The strength of the property level demographics and proximity to Mission Bay, retail, beaches and San Diego’s major job centers – UTC, Biotech Beach and Downtown San Diego – all within minutes of the property, made Jefferson Pacific Beach a compelling opportunity,” said Ian Couwenberg, Vice President of Acquisitions at Equity Residential. “While EQR is focused on the acquisition and development of multifamily assets within our expansion markets of Denver, Dallas, Austin, and Atlanta, the acquisition of Jefferson Pacific Beach represented an opportunity to acquire a well-located asset in a market that has and continues to exhibit strong apartment fundamentals.”
Equity Residential owns 80,407 units nationally and 2,874 in San Diego County.
Completed in 2020 by national multifamily developer JPI Companies, Jefferson Pacific Beach is one of three assets the Berkadia Institutional Solutions Team has sold for the developer in the past few months. In December, PGIM purchased the Platinum Park Portfolio in Anaheim, consisting of two properties – Jefferson Rise and Jefferson Edge – totaling 747 apartment homes.