JLL Capital Markets announced that it has closed the sale and acquisition financing of Veranda La Mesa, a 406-unit, garden-style apartment community located in La Mesa, California.
JLL represented the seller. 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.
The two- and three-story, 27-building Veranda La Mesa features studio, one- and two-bedroom units with an average size of 733 square feet. Select units feature hardwood flooring, energy efficient appliances, quartz countertops, spacious closets and private balconies or patios. Community amenities include four swimming pools, multiple clubhouses, six spas/hot tubs, a game room, a co-working lounge, a fitness center and a tennis court. The property presents a value-add opportunity with a continuation of an interior renovation program.
Situated at 5353-5511 Baltimore Dr. the property is set nine miles east of downtown San Diego. The community is conveniently located at a crossroads of three major highways, connecting residents to the largest employment centers in San Diego with approximately 620,000 jobs and 48.5 million square feet of office space within a 10-mile radius. Veranda La Mesa is also just four miles from San Diego State University and is proximate to Mission Trails Regional Park and the Lake Murray Recreation Area.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Darcy Miramontes and Senior Director Kip Malo. Additionally, Senior Managing Director Danny Kaufman, Senior Director Jamie Kline, Senior Director Zane Sweet and Associates Mike Halbach and Charlie Vorsheck led the JLL Capital Markets Debt Advisory team that represented the borrower.
“We are thrilled with the execution of this transaction. It was a great result for both the buyer and seller in a turbulent market,” said Miramontes.
JLL delivers multihousing 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 and sales 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.