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Walker & Dunlop Arranges 2nd Largest Sale in San Diego in 2024

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Walker & Dunlop has arranged the $185 million sale of Preserve at Melrose, a 410-unit multifamily community in Vista, San Diego. The transaction represents the second-largest single-asset deal in San Diego and the fifth-largest in California in 2024. The property, built in 2015, was sold by a local San Diego group to Mesirow.

The sale highlights San Diego's strong market position, accounting for 10% of all U.S. multifamily transactions over $150 million and 23% of those in California since 2023. The property is strategically located near downtown Vista and light rail stations, offering access to major employment hubs along State Route 78.

Walker & Dunlop ha gestito la vendita di 185 milioni di dollari di Preserve at Melrose, una comunità residenziale multifamiliare di 410 unità a Vista, San Diego. La transazione rappresenta il secondo più grande affare su un singolo asset a San Diego e il quinto più grande in California nel 2024. La proprietà, costruita nel 2015, è stata venduta da un gruppo locale di San Diego a Mesirow.

La vendita evidenzia la forte posizione di mercato di San Diego, che rappresenta il 10% di tutte le transazioni multifamiliari negli Stati Uniti oltre i 150 milioni di dollari e il 23% di quelle in California dal 2023. La proprietà è strategicamente situata vicino al centro di Vista e alle stazioni della ferrovia leggera, offrendo accesso ai principali centri di lavoro lungo la State Route 78.

Walker & Dunlop ha organizado la venta de 185 millones de dólares de Preserve at Melrose, una comunidad multifamiliar de 410 unidades en Vista, San Diego. La transacción representa el segundo acuerdo más grande de un solo activo en San Diego y el quinto más grande en California en 2024. La propiedad, construida en 2015, fue vendida por un grupo local de San Diego a Mesirow.

La venta destaca la sólida posición del mercado de San Diego, representando el 10% de todas las transacciones multifamiliares en EE. UU. por encima de 150 millones de dólares y el 23% de las de California desde 2023. La propiedad está situada estratégicamente cerca del centro de Vista y de las estaciones de tren ligero, ofreciendo acceso a importantes centros de empleo a lo largo de la State Route 78.

워커 & 던롭이 샌디에이고 비스타에 위치한 410유닛의 다가구 단지인 프리저브 앳 멜로즈의 1억 8천5백만 달러 판매를 주선했습니다. 이 거래는 2024년 샌디에이고에서 두 번째로 큰 단일 자산 거래이자 캘리포니아에서 다섯 번째로 큰 거래를 나타냅니다. 2015년에 지어진 이 부동산은 샌디에이고의 한 지역 그룹에서 메시로우(Mesirow)에게 판매되었습니다.

이번 판매는 샌디에이고 시장의 강력한 위치를 강조하며, 2023년 이후로 미국의 1억 5천만 달러 이상의 모든 다가구 거래 중 10%와 캘리포니아의 23%를 차지하고 있습니다. 이 부동산은 비스타 중심지와 경전철역 근처에 전략적으로 위치해 있으며, 78번 주간도로를 따라 주요 고용 허브에 접근할 수 있습니다.

Walker & Dunlop a organisé la vente de 185 millions de dollars de Preserve at Melrose, une communauté multifamiliale de 410 unités à Vista, San Diego. Cette transaction représente le deuxième plus gros contrat immobilier unique à San Diego et le cinquième plus important en Californie en 2024. La propriété, construite en 2015, a été vendue par un groupe local de San Diego à Mesirow.

Cette vente met en lumière la position solide du marché de San Diego, qui représente 10% de toutes les transactions multifamiliales de plus de 150 millions de dollars aux États-Unis et 23% de celles de Californie depuis 2023. La propriété est stratégiquement située près du centre-ville de Vista et des stations de tramway, offrant un accès aux principaux pôles d'emploi le long de la State Route 78.

Walker & Dunlop hat den Verkauf von Preserve at Melrose, einer 410-Einheiten-Wohnanlage in Vista, San Diego, im Wert von 185 Millionen Dollar organisiert. Die Transaktion stellt das zweitgrößte Einzelobjektgeschäft in San Diego und das fünfgrößte in Kalifornien im Jahr 2024 dar. Die im Jahr 2015 errichtete Immobilie wurde von einer lokalen Gruppe aus San Diego an Mesirow verkauft.

Der Verkauf hebt die starke Marktstellung von San Diego hervor und macht 10% aller amerikanischen Mehrfamilienhaus-Transaktionen über 150 Millionen Dollar und 23% der Transaktionen in Kalifornien seit 2023 aus. Die Immobilie befindet sich strategisch günstig in der Nähe der Innenstadt von Vista und von U-Bahn-Stationen und bietet Zugang zu wichtigen Arbeitsplätzen entlang der State Route 78.

Positive
  • Successfully completed $185 million property sale transaction
  • Transaction represents 2nd largest single-asset deal in San Diego for 2024
  • Company demonstrated strong market presence in high-value property transactions
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Insights

The $185 million sale of Preserve at Melrose represents a significant transaction in San Diego's real estate market, marking the second-largest single-asset deal in the region for 2024. The deal highlights the robust demand for quality multifamily assets in San Diego, which accounts for 10% of all U.S. multifamily transactions over $150 million. The property's strategic location near major employment hubs and transit options enhances its value proposition. For Walker & Dunlop (WD), this transaction contributes to their impressive track record, having completed over $51 billion in property sales since 2021. Their strong market position in multifamily financing, evidenced by $24 billion in debt financing volume in 2023, demonstrates their continued dominance in this sector.

San Diego's multifamily market demonstrates exceptional resilience, driven by a diverse economic base including life sciences, tech and defense sectors. The market's high barriers to entry and consistent rent growth make it particularly attractive to institutional investors like Mesirow. The Vista submarket's appeal is enhanced by its proximity to major employment centers along the Route 78 corridor. The 410-unit Preserve at Melrose's successful sale, at a premium price point, validates the strong fundamentals of the San Diego market, which represents 23% of California's large multifamily transactions. This transaction reflects the continued institutional appetite for well-located, high-quality suburban multifamily assets in strong growth markets.

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it arranged the $185,000,000 sale of Preserve at Melrose, a suburban multifamily community built in 2015 that comprises 410 units in Vista, one of San Diego's most sought-after north county neighborhoods.

Preserve at Melrose (Photo: Business Wire)

Preserve at Melrose (Photo: Business Wire)

This sale represents the 2nd largest single-asset transaction in San Diego and the fifth largest in California year-to-date in 2024.

The Walker & Dunlop Investment Sales team, led by Hunter Combs, represented the seller, a local San Diego based group, and buyer, Mesirow.

"San Diego remains a top target nationally for investors, making up 10% of all U.S. multifamily transactions over $150 million and 23% of those in California, year-to-date since 2023," said Hunter Combs, managing director of Investment Sales at Walker & Dunlop. "San Diego's market strength is propelled by its historically consistent rent growth, strong fundamentals and high barriers to entry. The influx of life science surrounding UCSD and big tech companies establishing their presence here, in addition to the long-standing defense industry underscores San Diego's exceptional market resilience and attractiveness for investors."

"We were pleased to collaborate with Walker & Dunlop in the purchase of the Preserve at Melrose,” stated Alasdair Cripps, chief executive officer of Mesirow Institutional Real Estate Direct Investments. “The Preserve’s expansive amenity set, transit-oriented location and proximity to key employment centers make it one of north county San Diego’s most attractive multifamily properties, and we look forward to serving this community.”

Located in the Vista submarket of San Diego, Preserve at Melrose is minutes from downtown Vista and transit oriented being adjacent to the light rail stations. The property is located off State Route 78, providing residents with direct access to major employment hubs along the 78 corridor, including Vista, Oceanside, Carlsbad, San Marcos, and Escondido. The multifamily community offers one-, two-, and three-bedroom apartments with resort-style amenities, all set within a serene, low-density garden-style setting.

Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2023, Walker & Dunlop originated over $24 billion in debt financing volume, including lending over $20 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.

About Mesirow

Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. To learn more, visit mesirow.com, follow us on LinkedIn and subscribe to Spark, our quarterly newsletter.

Mesirow has been named one of the Best Places to Work in Chicago by Crain’s Chicago Business multiple times and is one of Barron’s Top 100 RIA firms.

Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com



Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

info@walkeranddunlop.com

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

Source: Walker & Dunlop, Inc.

FAQ

What was the sale price of Preserve at Melrose arranged by Walker & Dunlop (WD)?

Walker & Dunlop arranged the sale of Preserve at Melrose for $185 million.

How many units does the Preserve at Melrose property include?

The Preserve at Melrose property comprises 410 multifamily units.

What percentage of U.S. multifamily transactions over $150 million does San Diego represent since 2023?

San Diego represents 10% of all U.S. multifamily transactions over $150 million since 2023.

Walker & Dunlop, Inc.

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