December 21, 2016
Parc One @Santee, a 172-unit multifamily property in Santee, CA was sold for $56.6 million. The buyer was San Diego-based R&V Management Corporation, while the seller was Canada’s Intergulf – JMR LLC.
Completed in early 2016, the roughly 87% leased asset includes two, four-story buildings and one, five-story building, situation on 6.8 acres. The property features one, two and three bedroom units, with an average floorplan of 945 square feet. Amenities include a swimming pool, spa, fitness center, club room, dog park, tot lot, and roof top observation deck.
CBRE’s Jim Neil, Eric Comer, and Merrick Matricardi represented the seller. The buyer was self-represented.
Neil says, “Parc One @Santee is one of the premier apartment projects in Santee, and arguably in the greater East County submarket.” He notes the property’s strategic location, near the trolley with ample retail and first-class community amenities nearby, position it well for the future.
For comments, questions or concerns, please contact Dennis Kaiser