August 10, 2018
TruAmerica Multifamily, in partnership with Intercontinental Real Estate Corporation, acquired the leasehold interest in the largest transit-oriented development in San Diego County. The property involved is Alterra & Pravada, a 527-unit multifamily community at Grossmont Station in La Mesa, CA.
TruAmerica’s Robert E. Hart says, “ A high-density, transit oriented development such as Alterra & Pravada is an example of smart growth and sustainability principles that promote housing affordability, and reduce traffic congestion on our streets and highways.”
CBRE’s Kevin Mulhern, Rachel Parson, Stewart Weston and John Montakab represented the buyers, as well as the seller, Fairfield Grossmont Trolley LLC, an entity of San Diego-based Fairfield Residential.
Completed in 2010 by Fairfield Grossmont Trolley, in partnership with the Metropolitan Transit Authority, the LEED Gold certified community features one-and two-bedroom units situated in six, four-story buildings on a high-density eight-acre site. Of the 527 units, 15% are dedicated for rent to moderate and very low housing wage earners.
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