April 4, 2017
San Diego-based American Assets Trust Inc. is acquiring Pacific Ridge Apartments in San Diego from Carmel Partners for $232 million. The 533-unit luxury apartment complex was completed in 2013, and is currently 97% leased.
Located on a 13.1-acre site at 5945 Linda Vista Rd., the bluff-top Class A property offers one, two and three-bedroom units with unobstructed views of the ocean. The property opens up to winding courtyards and a sprawling collection of amenities, pools and indoor-outdoor Moroccan-inspired retreats.
The transaction is being structured to accommodate a possible 1031 tax deferred exchange. The deal is being completed via a combination of cash on hand and funds drawn against American Assets Trust’s existing credit facility.
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