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A 549-unit waterfront apartment community with a rare development opportunity
SAN DIEGO, April 24, 2013 — On behalf of LaSalle Investment Management, Jones Lang LaSalle’s Capital Markets experts today announced the firm has been retained to market the Coronado Bay Club for sale in Coronado, California. The 549-unit, waterfront apartment community offering, located in San Diego County, also includes an opportunity to develop 22 for-sale townhomes on a 1.2-acre site on the property’s northern boundary.
Executive Vice President Darcy Miramontes and Vice President Kip Malo are leading the Jones Lang LaSalle team on this offering, along with International Director Jubeen Vaghefi, and Managing Directors David Young and Joe Leon.“Coronado Bay Club is the only multifamily property with more than 100 units located directly on the water in San Diego County. It’s also one of just six multifamily properties with more than 500 units on the San Diego coastline, paralleling Interstate 5,” said Miramontes. “It has a strong history of performance, and offers an extremely rare opportunity to develop on Coronado Island, along San Diego Bay. The asset has been well maintained by dedicated ownership and undergone recent exterior and interior renovations, but also provides significant upside potential for the buyer to further capitalize on their investment.”
“Coronado Bay Club is a marquis asset in an unparalleled location within a gateway city. It’s an extraordinary investment opportunity and we anticipate strong interest from both national and international institutional and private equity investors,” added Vaghefi.
Coronado Bay Club is an 18-building, three-story, garden-style apartment community situated on a 13.9-acre site at 1515 Second Street. It is located on the bay, across from downtown San Diego in the affluent community of Coronado, and close to the world renown Hotel Del Coronado and Coronado Beach. Coronado Bay Club offers unobstructed views of downtown San Diego, the Coronado Bay Bridge and San Diego Bay from select units, and an abundance of onsite amenities. These amenities include: tennis courts, on-site tennis pro, state-of-the-art fitness center, resort-style pool, spa, saunas and locker rooms, movie theater, dog park, ping pong, picnic area with barbecue, 18,000-square-foot clubhouse with leasing center, meeting rooms, business center, catering kitchen, media room, on-site beauty salon and garage parking.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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