{"id":1004086965,"date":"2013-11-18T07:10:23","date_gmt":"2013-11-18T15:10:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004086965"},"modified":"2022-12-06T19:55:16","modified_gmt":"2022-12-07T03:55:16","slug":"essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/","title":{"rendered":"Essex&#8217;s $121M Buy of M-F Portfolio Shows San Diego&#8217;s Solid Economy"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004086968\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/woods-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\" data-orig-size=\"1944,1296\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"WOODS\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004086968\" alt=\"WOODS\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg 1944w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Essex Property Trust Inc., of Palo Alto, Calif., has purchased a 379-unit luxury apartment community in San Diego for $121 million in an all-cash transaction, it was announced late last week by the property\u2019s developer, Wood Partners, of San Diego, and by Institutional Property Advisors, a Marcus &amp; Millichap company, which brokered the property. The seller was a joint venture of Wood Partners and a fund sponsored by CBRE Global Investors.<\/p>\n<p>Domain by Alta \u2013 San Diego consists of two four-story buildings, a two-story clubhouse and two levels of gated underground parking for 750 cars and was Wood Partners\u2019 first new community in San Diego. The purchase price comes out to $319,261 per unit.<\/p>\n<p>Built in the Spectrum Center business park, in the Kearney Mesa district, the project was completed in 2012. It\u2019s currently about 80 percent leased.<\/p>\n<p>The project includes 23 studio, 197 one-bedroom and 159 two-bedroom units; of these, 35 units meet an affordability requirement. All units have patios and upgraded features, including wood-laminate flooring and granite countertops.<\/p>\n<p>The clubhouse has reclaimed teak flooring, a 1,200-square-foot outdoor deck, a landscaped pool area with waterfalls, cabanas, a spa, barbecue pits, wireless work stations and a health club. The property also has three landscaped courtyards and is adjacent to a two-acre park.<\/p>\n<p>\u201cThere are very few luxury, institutional-quality apartment buildings available for purchase in San Diego County,\u201d Brian Hansen, the Wood Partners director who oversees the company\u2019s Southern California development projects, said in a release. \u201cThe market for luxury rental properties in San Diego is tight. Supply is low, demand is high and the economy is picking up steam.\u201d<\/p>\n<p>More than 15,000 jobs reportedly are within two miles of the community\u2019s location, at 8795 Lightwave Ave., and Kaiser Permanente is soon to begin development of a new 300-bed hospital less than a mile away.<\/p>\n<p>The IPA team representing the seller consisted of Ron Harris, executive vp\/investments; senior director Stewart Weston; Marcus &amp; Millichap first vp\/investments Christopher Zorbas; and Marcus &amp; Millichap associate David Sperling.<\/p>\n<p>\u201cThe long-term outlook for the submarket is robust, as the millennial generation continues to migrate to the area for high-paying employment opportunities,\u201d Weston said in the IPA statement. \u201cThe strength of the economic forecast for the area helped prompt Essex to make its first acquisition in San Diego County in more than six years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Essex Property Trust has purchased a 379-unit luxury apartment community in San Diego for $121 million from Wood Partners in an all-cash transaction, as more than 15,000 jobs reportedly are within two miles of the community\u2019s location.<\/p>\n","protected":false},"author":952,"featured_media":1004086968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,1608,15],"tags":[],"class_list":["post-1004086965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-san-diego","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Essex&#039;s $121M Buy of M-F Portfolio Shows San Diego&#039;s Solid Economy - 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\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essex&#039;s $121M Buy of M-F Portfolio Shows San Diego&#039;s Solid Economy\" \/>\n<meta property=\"og:description\" content=\"Essex Property Trust has purchased a 379-unit luxury apartment community in San Diego for $121 million from Wood Partners in an all-cash transaction, as more than 15,000 jobs reportedly are within two miles of the community\u2019s location.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/\" \/>\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=\"2013-11-18T15:10:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T03:55:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1944\" \/>\n\t<meta property=\"og:image:height\" content=\"1296\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/\",\"name\":\"Essex's $121M Buy of M-F Portfolio Shows San Diego's Solid Economy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\",\"datePublished\":\"2013-11-18T15:10:23+00:00\",\"dateModified\":\"2022-12-07T03:55:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg\",\"width\":1944,\"height\":1296},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Essex&#8217;s $121M Buy of M-F Portfolio Shows San Diego&#8217;s Solid Economy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76\",\"name\":\"Anna Spiewak\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g\",\"caption\":\"Anna Spiewak\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/annaspiewak\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Essex's $121M Buy of M-F Portfolio Shows San Diego's Solid Economy - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/","og_locale":"en_US","og_type":"article","og_title":"Essex's $121M Buy of M-F Portfolio Shows San Diego's Solid Economy","og_description":"Essex Property Trust has purchased a 379-unit luxury apartment community in San Diego for $121 million from Wood Partners in an all-cash transaction, as more than 15,000 jobs reportedly are within two miles of the community\u2019s location.","og_url":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-11-18T15:10:23+00:00","article_modified_time":"2022-12-07T03:55:16+00:00","og_image":[{"width":1944,"height":1296,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg","type":"image\/jpeg"}],"author":"Anna Spiewak","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/","url":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/","name":"Essex's $121M Buy of M-F Portfolio Shows San Diego's Solid Economy - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg","datePublished":"2013-11-18T15:10:23+00:00","dateModified":"2022-12-07T03:55:16+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg","width":1944,"height":1296},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/essexs-121m-buy-of-m-f-portfolio-shows-san-diegos-solid-economy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Essex&#8217;s $121M Buy of M-F Portfolio Shows San Diego&#8217;s Solid Economy"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76","name":"Anna Spiewak","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g","caption":"Anna Spiewak"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/annaspiewak\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WOODS.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004086965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/952"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004086965"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004086965\/revisions"}],"predecessor-version":[{"id":1004611916,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004086965\/revisions\/1004611916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004086968"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004086965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004086965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004086965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}