Newly Built Santee Apartment Community Fetches $56.6M
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The 172-unit, Parc One @Santee, a Class-A apartment community in the Santee market, has sold to local investor R&V Management Corp for $56.6M. Built in early 2016, the project at 310, 320 and 330 Town Center Pkwy consists of two four-story buildings on a 6.8-acre site along the San Diego River and adjacent to the Santee Town Center development. The Town Center is at the Santee Station San Diego Trolley stop, connecting it to La Mesa, San Diego State University, Mission Valley, Old Town and Downtown San Diego.
The property includes one-, two- and three-bedroom units with granite countertops, deluxe appliances, in-suite laundry, designer light fixtures and in-unit storage. Amenities include a swimming pool, a spa, a fitness center, a clubroom, a dog park, a tot lot and a rooftop observation deck. A new 55-acre community park, which includes the City of Santee Aquatic Center, a YMCA Family Recreation Center, sports fields and picnic areas, is directly across the river. The San Diego Christian College campus is nearby.
“Its strategic location with proximity to the trolley, ample retail and first-class community amenities will position this property as the premier apartment community for years to come,” said CBRE SVP Jim Neil, who along with first VP Merrick Matricardi repped the seller, Intergulf - JMR LLC. The seller repped itself. The project, still in lease-up phase, was 87% occupied at the time of sale.