A Mission Valley Apartment complex has been sold.
The purchase price for the 344-apartment Bella Posta was about $97.8 million, according to CoStar, a real estate listing firm.
Sares Regis Multifamily Value-Add Fund II, LP bought the project at 10343 San Diego Mission Road from the original developer, The Padre Gardens Rancho Mission.
The four-building complex on an eight-acre site adjacent to the Interstate 15 interchange with Interstate 8 has a mix of one-bedroom and two-bedroom apartments averaging 816 square feet each.
Community amenities include two swimming and spa areas, a grilling area, locker rooms with saunas, a fitness center, racquetball court, clubhouse and a blend of private garages and underground parking.
The seller was represented by an investment advisory team with HFF that included Hunter Combs, senior director, and Sean Deasy, senior managing director.
HFF’s debt placement team representing the borrower consisted of Executive Managing Director Kevin MacKenzie, Senior Director Brian Torp, and Senior Managing Director Timothy Wright.
“Market reception was robust for a multi-housing opportunity within the Mission Valley submarket, where institutional trades typically happen only once every decade,” Combs said. “The unique value-add opportunity from the original developer positions Bella Posta well for long-term growth.”