SAN DIEGO – March 24, 2021 – A fund sponsored by CBRE Global Investors has closed on a $40.3 million mortgage loan to finance the acquisition and renovation of Villa Del Sol, a 203-unit multifamily complex located in San Diego. The floating-rate loan has an initial term of three years and can extend up to two additional years.
Located at 5474 Reservoir Drive, Villa Del Sol features a mix of studio, one- and two-bedroom apartments. Resident amenities include a tennis court, two resort-style pools with a cabana area, outdoor barbeques, a clubhouse, a state-of-the-art fitness center and saunas. The new owner plans to make both interior and exterior renovations, including installing new windows and updating the landscaping, elevators, flooring, appliances, cabinets, lighting fixtures, backsplashes and countertops.
“The Villa Del Sol apartments have been well occupied historically and we believe that with the upgrades the sponsor is planning to make, demand for the apartments will continue to strengthen,” said Christian Fuqua, Managing Director of CBRE Global Investors.
Villa Del Sol is located just off the Kumeyaay Highway, adjacent to Alvarado Medical Center and close to the city’s light rail system, which connects directly to downtown and is only one stop away from San Diego State University. It is a 15-minute drive to downtown San Diego, 20 minutes from San Diego International Airport and close to various dining and entertainment options.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.