{"id":1004087936,"date":"2013-12-05T07:25:50","date_gmt":"2013-12-05T15:25:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087936"},"modified":"2022-12-08T16:27:40","modified_gmt":"2022-12-09T00:27:40","slug":"alliance-jv-buys-160m-waterfront-property-in-metro-san-diego","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alliance-jv-buys-160m-waterfront-property-in-metro-san-diego\/","title":{"rendered":"Alliance JV Buys $160M Waterfront Property in Metro San Diego"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor \u00a0\u00a0\u00a0 <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087939\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/alliance-jv-buys-160m-waterfront-property-in-metro-san-diego\/alliance2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg\" data-orig-size=\"5120,3417\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;GREG LAMBERT greg@lambertphoto.c&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1365581394&quot;,&quot;copyright&quot;:&quot;Greg Lambert (619) 743-8888&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=\"ALLIANCE2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004087939\" alt=\"ALLIANCE2\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg 5120w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=768,513 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=1536,1025 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=2048,1367 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=150,100 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=696,464 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=1068,713 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=1920,1281 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/ALLIANCE2.jpg?resize=629,420 629w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>A joint venture headed by Alliance Residential Co., of Phoenix, has acquired the Coronado Bay Club, a 549-unit, garden-style waterfront apartment community in Coronado, Calif., for $160 million, the company announced Wednesday. Alliance\u2019s JV partner is a large institutional pension fund investor, with MetLife Real Estate Investors serving as lender.<\/p>\n<p>The deal was brokered by Jones Lang LaSalle on behalf of the seller, LaSalle Investment Management.<\/p>\n<p>The project sits on an approximately 14-acre site, on Second Street near the Hotel Del Coronado and Coronado Beach that offers views of downtown San Diego, the Coronado Bay Bridge and San Diego Bay.<\/p>\n<p>Its amenities include an 18,000-square-foot clubhouse, meeting rooms, a business center, catering kitchen, media room, on-site beauty salon, tennis courts, a fitness center, pool and spa, saunas and locker rooms, a dog park, picnic area with grilling stations, and garage parking.<\/p>\n<p>The community is 96 percent occupied, an Alliance spokesperson told <i>Commercial Property Executive<\/i>.<\/p>\n<p>Drew Colquitt, Alliance\u2019s managing director for acquisition, development and construction in Southern California, described the Coronado Bay Club as \u201cpossibly the largest oceanfront rental community in Southern California.\u201d<\/p>\n<p>Executive Vice President Darcy Miramontes and Vice President Kip Malo led the Jones Lang LaSalle team, along with international director Jubeen Vaghefi and Managing Director David Young.<\/p>\n<p>\u201cThere was a tremendous amount of interest in this marquee property,\u201d Miramontes said. \u201cWe led more than 50 tours to prospective buyers, ranging from institutional investors to high-net-worth individuals and including both domestic and international entities.\u201d<\/p>\n<p>The average multi-family vacancy in the downtown San Diego\/Coronado submarket is only 2.8 percent, a YOY drop of about 200 basis points, according to the latest figures from Marcus &amp; Millichap. The average effective rent is $1,841, a YOY increase of 8.4 percent.<\/p>\n<p>The San Diego\u2013area apartment forecast is rather rosy, according to M&amp;M. Local job growth remains steady, single-family housing continues to become less affordable (the median single-family home price surged to $472,400) and new apartment construction is relatively modest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture headed by Alliance Residential Co. has acquired the Coronado Bay Club, a 549-unit, garden-style waterfront apartment community in Coronado, Calif., for $160 million.<\/p>\n","protected":false},"author":882,"featured_media":1004087939,"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-1004087936","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 v28.0 (Yoast SEO v28.0) - 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