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Walker & Dunlop Brokers San Diego’s Second-Largest Multifamily Transaction of 2023
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Rhea-AI Summary
Walker & Dunlop completes $174 million sale of Waterleaf apartment community in San Diego
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The sale represents the second-largest multifamily transaction in San Diego in 2023.
San Diego's market strength is driven by leading position in rent growth, outperforming all California markets and ranking fifth nationally at 5.1 percent in 2023.
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BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. announced today that it completed the $174 million sale of Waterleaf, a 456-unit value-add apartment community located in the North San Diego County community of Vista, CA. The sale represents the second-largest multifamily transaction in San Diego in 2023.
Waterleaf Apartment Homes (Photo: Business Wire)
The Walker & Dunlop Investment Sales team, led by Hunter Combs, represented the seller, MG Properties Group, and the buyer, MIG Real Estate. The buyer was able to assume the loan in place at the property.
MIG Real Estate bought Waterleaf for $174 million or $381,578 per unit, making it the second-largest multifamily transaction in San Diego this year after Allina La Jolla, which sold at $177.3 million in University City, San Diego County.
“San Diego remains a top institutional metro, with 14 percent of the total U.S. transactions exceeding $150 million year-to-date,” said Hunter Combs, managing director of Investment Sales at Walker & Dunlop. “A significant driver of San Diego's market strength is its leading position in rent growth, outperforming all California markets and ranking fifth nationally at 5.1 percent in 2023. This speaks to the exceptional durability of San Diego’s market fundamentals and tenant base.”
Waterleaf Apartments offers a luxury living space with one- and two-bedroom apartments. Amenities include two state-of-the-art fitness centers, resort-style pool, co-working lounge, playground, and basketball court, to name a few. The property is minutes from downtown Vista and 30 minutes to downtown San Diego. Additionally, Waterleaf’s proximate location to State Route 78, gives residents immediate access to major employment hubs of San Diego County, specifically along the 78 corridor, including Vista, Oceanside, Carlsbad, San Marcos, and Escondido.
Walker & Dunlop is a leader in multifamily property sales, having completed nearly $20 billion in property sales volume in 2022. The firm is also one of the top providers of capital to the U.S. multifamily market. Over the same period, Walker & Dunlop originated $44 billion in debt financing volume, including lending over $36 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
