San Diego–August 25, 2015 – CBRE Group, Inc. announced the sale of Summerlyn Apartments, located at 13409 Midland Road in Poway, for $41.15 million. Kevin Mulhern, Dixie Hall and Rachel Parsons of the CBRE Multifamily team represented the seller, Fairfield Township LLC. The buyer, an affiliate of Pacific Urban Residential, represented themselves in the transaction.
“The Summerlyn asset was highly desirable due to the fact that Poway is one of the strongest residential locations in all of San Diego County with its proximity to major employment and outstanding school system. In addition, there is very little product available for sale in the I-15 corridor,” said Kevin Mulhern.
The 193-unit apartment complex has 154,986 square feet of residential space and is situated on 8.93 acres. The property floor plan is comprised of one-bedroom/one-bath, two-bedrooms/one-bath and three-bedrooms/two-baths. The average floor plan is 803 square feet, and the average rent is $1,480 per unit. The apartments feature wood-style flooring, air condition and heating, wood-cabinetry, oversized patio slider doors in living room and selected units have energy-efficient GE appliances, faux granite countertops and walk-in closets.
Summerlyn is comprised of ten, two-story buildings and a newly upgraded fitness center, 24-hour card operated laundry rooms, pool, spa and wading pool, tennis court, dog park, picnic areas with gas barbecues, and a business center. Fairfield had spent more than $2.9 million on capital improvements since they acquired the asset in 2007.
The property is in walking distance to transportation, retail and services such as Super Wal-Mart, Sprouts, Lowe’s, Home Goods and Stein Mart. There is more than 755,558 square feet of retail, including Vons, Stater Brothers, and Petco to name a few, within one mile of Summerlyn.
The city of Poway’s average household income is $111,187, which is 34 percentage above the San Diego County average. The school system is one of the highest rated in the country and is in walking distance to Summerlyn. Poway is also known for its great deal of local recreational amenities such as 25 parks, 55 miles of hiking trails, and Lake Poway.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.