JLL Capital Markets announced that it has closed the sale of and arranged the acquisition financing for Margo at the Society, a generational, 240-unit, seven-story core multi-housing opportunity located in San Diego, California in the Mission Valley neighborhood.
JLL represented the seller, and procured the buyer, Decron Properties. JLL also worked on behalf of the new owner to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Situated at 201 Del Sol Dr. Margo at the Society is only a five-minute walk from the Fashion Valley Transit Center, which connects residents to SDSU, Downtown San Diego and UTC across the Green and Blue Trolley lines all in under 30 minutes. The property is also walkable to top area retail, including Fashion Valley Mall, and is a six-minute drive Westfield Mission Valley. Within 1.5 miles of the community is over 6.1 million square feet of retail. Additionally, residents have direct access to the I-8 and CA-163 freeways, allowing easy connectivity to major technology, healthcare and life sciences hubs of downtown, Kearny Mesa and UTC within 15 minutes. The property is a seven-minute drive to downtown San Diego and an eight-minute drive to San Diego International Airport.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Blake Rogers and Managing Director Alex Caniglia. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Charles Halladay, Senior Director Rick Salinas, Director Charlie Vorsheck, Senior Analyst Elijah Lax and Senior Production Associate Sarah Murphy.
“Margo at the Society is an exceptional new addition to Decron’s portfolio, in-line with Decron’s strategy of modernizing the portfolio and investing in supply constrained markets with strong employment fundamentals,” said Daniel Nagel, Chief Investment Officer and Chief Financial Officer of Decron Properties.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
