126-Unit Seniors Affordable Goes for $47M in San Diego
The Mogharebi Group (TMG) represented Arka Properties and Black Equities in the sale of Lakeshore Villa Apartments, a 126-unit seniors affordable community located at 6888 Golfcrest Dr. in San Diego to an undisclosed buyer for $47 million. EVP Otto Ozen, VP of affordable housing Shawn Bolour and VP Jordan Pakzad represented the seller.
“In California, there are only 456 100-unit plus Project Based Section 8 properties, a small fraction which are designated for seniors,” said Bolour. “We knew we were bringing a rare gem to market, and the resulting bidding war across a diverse buyer pool confirmed it.”
Located in the San Carlos neighborhood of San Diego, Lakeshore Villa Apartments benefits from a 100% Senior HUD HAP Contract, ensuring stable income and long-term occupancy. The buyer plans to invest significant capital into the property and has committed to extending the affordability of the asset, ensuring the preservation of affordable housing for seniors in this local market.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout