Herndon Capital Partners Acquires 81-Unit MultiFamily In San Diego For $18.25M

An 81-unit apartment community, Pacific Cove, located at 4025 Oakcrest Drive in San Diego, was recently sold for $18.25 million. The property, which was fully renovated in 2019, is a multifamily asset and marks the first acquisition in San Diego for Herndon Capital Partners. Pacific Cove offers various amenities and is conveniently located near retail and recreational offerings.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $18,250,000
• Units: 81
• Price Per Unit (PPU): $225,309
• Buyer: Herndon Capital Partners - Joe Graves
• Seller: Constellation Realty Management - Chris Honeycutt
• Broker: Hunter Combs - Walker & Dunlop

This transaction was facilitated by Hunter Combs of Walker & Dunlop, who served as the broker in the deal. The buyer, Herndon Capital Partners, represented by Joe Graves, saw the potential in the fully renovated Pacific Cove property and made their first acquisition in San Diego. The seller, Constellation Realty Management, led by Chris Honeycutt, successfully completed the sale.