San Diego County multi-housing community sells for $116M

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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