Walker & Dunlop, Inc. announced today that it completed the sale and financing for Mission Ridge Apartments, a 196-unit multifamily community in Encinitas, one of the most desirable submarkets in all of San Diego.
Originally built as condominiums in 1985, then converted to apartments, the property was built to condominium specs, with spacious units averaging 1,034 square feet on 18.5 acres. The property's unique location further adds to its appeal, featuring a suburban environment with urban conveniences. Ample retail and major grocers, including Sprouts, Trader Joes and Ralphs, are within walking distance, and Mission Ridge is just a short drive from the beach and downtown Encinitas.
Walker & Dunlop's Hunter Combs, Blake Rogers, Alexandra Caniglia, Javier Rivera, and Kevin Sheehan represented both the property ownership and the buyer. Jeff Burns, Chris Botsford and Justin Nelson, of Walker & Dunlop's multifamily finance group, worked alongside the sales team to arrange acquisition financing on behalf of Interstate Equities Corp. (IEC), the buyer.
Said Mr. Combs, "This was an extremely rare transaction in the coastal submarket of Encinitas; this transaction represents the first time that Mission Ridge Apartments has traded hands in over 30 years." He added that, "In addition to being located in a highly desirable and notoriously 'low-trade' submarket, this asset presents an unparalleled value-add investment opportunity with significant upside."
"IEC is pleased to acquire Mission Ridge Apartments in Encinitas. Mission Ridge represents the exact property profile that can be elusive in Coastal San Diego; a large apartment complex in a supply constrained sub-market that is both walkable to retail and commutable to major employment nodes," stated Brendan Gibney of IEC. "Mission Ridge's vintage and condo-spec construction added to its appeal. We would like to thank the entire Walker & Dunlop team for facilitating this transaction. IEC is excited to expand its footprint in San Diego."
Walker & Dunlop is a leader in multifamily property sales, having completed $6.1 billion in property sales volume in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $30.8 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our Driven by Insight information center.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 1,000+ professionals in 38 offices across the nation have an unyielding commitment to client satisfaction.
