Chicago-based JLL's Income Property Trust is soon to be the owner of Point Loma's newest luxe apartment project. The firm disclosed in SEC filings that it's under contract to purchase The Dylan, a 180-unit project at 2930 Barnard St, the site of the former Barnard Elementary School. JLL will pay $90M for the property, or $500k/unit, at the close of construction “using cash on hand.”
La Jolla-based Monarch Group purchased the school—and the 9.5 acres it sits on—a year ago on auction for $16.5M, according to press reports. The school system moved BSS, also known as Barnard Asian Pacific Language Academy, to Pacific Beach in 2013. Monarch's Ryan Stone says the firm is unsure how it will redeploy the capital going forward. And that's because it's hard to find anything else to buy in San Diego. “We're always looking...but the returns are too tight,” Ryan says.
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