SAN DIEGO (October 27, 2010) – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced the $31.5-million sale of the Mariners Village Apartments in Paradise Hills.
The Mariners Village Apartments are located at 6847 Potomac Street and consist of 172 units and approximately 148,400 rentable square feet. The seller was Mariners Investors, Inc., with Continental American Properties, Ltd. as its managing partner. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the seller. The complex was purchased by The San Diego Housing Commission who was represented by Diane Miramontes, Darcy Miramontes and Kip Malo of Cassidy Turley BRE Commercial. The Commission is also actively work with Cassidy Turley BRE Commercial to acquire additional properties.
Built in approximately 1988, the Mariners Village Apartments sit on more than nine acres of land and consist of 12 garden-style buildings. The complex features four distinct floor plans, including 20 one-bedroom, one-bath units (657 square feet); 56 two-bedroom, one-bath units (845 square feet); 52 two-bedroom, two-bath units (867 square feet); and 44 three-bedroom, two-bath units (974 square feet). Interior amenities include a private balcony or patio, air conditioning, ceiling fan, dishwasher, refrigerator and large walk-in closet in select units. Common area amenities include gated access, swimming pool, spa, playground, laundry facility, detached garages and storage space.
Residents of Mariners Village enjoy neighborhood amenities within walking distance, such as Bethune Elementary and Middle School, Paradise Hills Community Park and a retail shopping center. The property’s central location allows easy access to major freeways, business centers, shopping, schools, parks and San Diego’s many recreation areas. Nearby freeways include Interstate 805 and State Routes 54 and 125. In addition, the complex is in close proximity to major employment centers such as 32nd Street Naval Base, downtown San Diego, Otay Mesa, North Island Naval Base and Point Loma, which allow the property to maintain high occupancy year-round.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded over $800 million in transactions in 2009. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.