San Diego – December 21, 2016 – CBRE Group Inc., announces the sale of Parc One @Santee, located at 310, 320 and 330 Town Center Parkway, in the submarket of Santee. CBRE multifamily experts Jim Neil, Eric Comer, and Merrick Matricardi represented the seller, Intergulf - JMR LLC and the buyer, R&V Management Corporation, who is based out of San Diego, represented themselves.
Parc One @Santee is a 172-unit, Class A apartment community, which was completed in early 2016. There are two, four-story buildings and one, five-story building, situation on 6.8 acres. The property features one, two and three bedroom units and the average floorplan is 945 square feet. The amenities include a swimming pool, spa, fitness center, club room, dog park, tot lot, and roof top observation deck. Each home offers granite counter tops, deluxe appliances, in-suite laundry, designer light fixtures, and ample in-unit storage. The community is currently in the lease-up phase, and is approximately 87 percent leased.
“Parc One @Santee is one of the premier apartment projects in Santee and arguably in the greater East County submarket, said Mr. Neil, senior vice president of CBRE in the San Diego region. “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.”
The property is located next to the San Diego River, adjacent to the Town Center development and the San Diego Trolley, connecting the project to La Mesa, San Diego State University, Mission Valley, Old Town and Downtown. Across the river, is a new 55-acre community park, containing playing fields as well as tennis courts, playgrounds and picnic areas. Within the park is the City of Santee Aquatic Center, with outdoor pools, spas and waterslides and the YMCA Family Recreation Center. Directly to the east of the site is the San Diego Christian College campus.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
