San Diego County multi-housing community sells for $116M
JLL Capital Markets arranged the sale and the $71.842M acquisition financing of Pulse Millenia in Chula Vista, California
SAN DIEGO, February 5, 2024 – JLL Capital Markets announced today that it closed the $116 million sale of and the $71.842 million acquisition financing for Pulse Millenia, a 273-unit, garden-style multi-housing community located in the desirable Otay Ranch region of Chula Vista, California. Pulse was the first apartment community constructed as part of the $4 billion Millenia Master Plan within Otay Ranch, ushering in an era of development that has set a new standard of living in South County San Diego.
JLL worked on behalf of the seller, Northwestern Mutual. JLL also worked on behalf of the new owner to secure the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Built in 2016, Pulse offers one-, two- and three-bedroom floor plans averaging 970 square feet. Unit interiors are offered in both a light and dark design package, each highlighted by a full stainless-steel appliance set, granite countertops, wood-style flooring throughout living spaces and an in-unit washer/dryer set. Community amenities include a central sundeck plaza with a heated pool and spa, a 24-hour fitness center, a social lounge with a billiard table and kitchen, a multi-station business center, a conference and private dining room, a multi-sport/bocce ball court, barbecue grilling stations and more. Both the units as well as the community amenities present the opportunity for value-add modern upgrades.
Residents also benefit from the extensive range of public amenities within the greater community of Millenia. Spanning approximately 210 acres, the highly walkable, master-planned development showcases more than 200 retail offerings, over 3,000 luxury residences and more. Residents can also easily access multiple parks within a short walk.
Situated at 2043 Artisan Way, the property offers convenient highway accessibility with a .25-mile drive to 125-Hwy and just a 10-minute drive 805-fwy. In addition, over 4,000 businesses and 33,000 jobs sit within a 15-minute drive, and approximately 1.3 million square feet of retail sits within a one-mile radius. The property is also less than 20 miles from downtown San Diego.
The JLL Capital Markets Investment Sales Advisory Team was led by Managing Director Kip Malo. Executive Managing Director Charles Halladay, Managing Directors Annie Rice and Brandon Smith and Senior Director Rick Salinas led the JLL Capital Markets Debt Advisory Team.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northwestern Mutual
Northwestern Mutual Real Estate (visit www.northwesternmutualrealestate.com) is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, industrial, office, self-storage, and retail. The $60+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $570 billion of total assets being managed across the company's institutional portfolio as well as retail investment client portfolios, nearly $35 billion in revenues, and $2.2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 111 on the 2023 FORTUNE 500.