{"id":1004070377,"date":"2013-04-10T12:04:58","date_gmt":"2013-04-10T20:04:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=116755"},"modified":"2020-04-16T01:44:15","modified_gmt":"2020-04-16T09:44:15","slug":"aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\/","title":{"rendered":"Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\">In a $29 million deal, Aimco has acquired Prospect 400, a 60-unit oceanfront property in La Jolla. The Denver-based apartment REIT was identified as the property\u2019s new owner by CoStar.<\/p>\n<p class=\"MsoNormal\">Jim Neill, Eric Comer and Merrick Matricardi of CBRE Group Inc.\u2019s San Diego office arranged the transaction on behalf of the Carolyn M. Holmer Irrevocable Trust, the property\u2019s seller. Prospect 400 was developed in 1970 on a parcel where the newspaper publisher and philanthropist F.W. Kellogg once owned a summer home. The complex was most recently renovated in 2010.<\/p>\n<p class=\"MsoNormal\">Prospect 400 offers 60 units, including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Prospect-400.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-116773\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Prospect-400-300x148.gif\" alt=\"\" width=\"300\" height=\"148\" \/><\/a>10 resident garages, while the community\u2019s amenity package offers access to a heated pool, an ocean-view sundeck, a hydrotherapy spa and a lounge equipped with a full kitchen, media niche, billiards table and restrooms.<\/p>\n<p class=\"MsoNormal\">The building traded at around $483,000 per unit, pricing considerably higher than San Diego\u2019s <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/sandiegoaptsales.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-116780\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/sandiegoaptsales.jpg\" alt=\"\" width=\"300\" height=\"223\" \/><\/a>median values for 2012, as estimated by Marcus &amp; Millichap Real Estate Investment Services Inc. Price increases in the area have been sluggish during the past four years.<\/p>\n<p>Photo credit:\u00a0CBRE Group Inc.<\/p>\n<p>Chart courtesy of Marcus &amp; Millichap Real Estate Investment Services Inc. at <a href=\"https:\/\/www.marcusmillichap.com\/\" target=\"_blank\" rel=\"nofollow\"><em>marcusmillichap.com<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prospect 400 offers a total of 60 residential units including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features a number of 10 resident garages, while the community&rsquo;s amenity package offers residents access to a heated pool, a common ocean view sundeck, hydro-therapy spa and a resident lounge equipped with a full kitchen, media niche, billiards table and restrooms. Located on a .65-acre site in San Diego&rsquo;s La Jolla neighborhood, the residential complex is the result of a redevelopment process that transformed Kellogg&rsquo;s summer home back in 1970. Since then, the apartments have been owned continuously, and a series of renovations to the building&rsquo;s exterior have been undertaken as recently as 2010.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1608],"tags":[39474],"class_list":["post-1004070377","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-diego","tag-san-diego"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M\" \/>\n<meta property=\"og:description\" content=\"Prospect 400 offers a total of 60 residential units including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features a number of 10 resident garages, while the community&rsquo;s amenity package offers residents access to a heated pool, a common ocean view sundeck, hydro-therapy spa and a resident lounge equipped with a full kitchen, media niche, billiards table and restrooms. Located on a .65-acre site in San Diego&rsquo;s La Jolla neighborhood, the residential complex is the result of a redevelopment process that transformed Kellogg&rsquo;s summer home back in 1970. Since then, the apartments have been owned continuously, and a series of renovations to the building&rsquo;s exterior have been undertaken as recently as 2010.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-10T20:04:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-16T09:44:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Prospect-400-300x148.gif\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M\",\"datePublished\":\"2013-04-10T20:04:58+00:00\",\"dateModified\":\"2020-04-16T09:44:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/\"},\"wordCount\":212,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/04\\\/Prospect-400-300x148.gif\",\"keywords\":[\"San Diego\"],\"articleSection\":[\"News\",\"San Diego\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aimco-acquires-oceanfront-m-f-complex-in-la-jolla-for-29m\\\/\",\"name\":\"Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M - 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