August 15, 2016 Comments Off on JLL REIT Acquires Newly-Built Point Loma MF for $90M Views: 658 California News, San Diego, West

JLL REIT Acquires Newly-Built Point Loma MF for $90M

Dylan Point Loma, a newly completed luxury, coastal multifamily community in San Diego, was acquired by JLL Income Property Trust, a LaSalle Investment Management fund, for roughly $90 million. The La Jolla, CA-based developer, Monarch Group, had acquired the 9.5-acre, former Barnard Elementary School site at auction for a reported $16.5 million.

The 180-unit gated community offers premium amenities, including a volleyball court, a saltwater pool surrounded by cabanas, a 6,000-square-foot clubhouse, a dog park with a dog wash station, a state-of-the-art fitness center, and a game lounge with high-definition televisions.

JLL’s Capital Markets Darcy Miramontes and Kip Malo facilitated the sale.

“Dylan Point Loma represents the first new development in Point Loma in 30 years,” said Miramontes. “Brand new, coastal construction of this caliber is extremely rare in this market, which made this asset a solid investment for years to come.”

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For comments, questions or concerns, please contact Dennis Kaiser

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