Chula Vista, Calif. – An institutional buyer has purchased CasaLago Eastlake, a 427-unit, newly constructed apartment community in the sought after master-planned community of Eastlake in South San Diego. The seller, a joint venture between Resmark Apartment Living and ColRich Multifamily, was represented by Mike Murphy, a Director, and Mary Ann King, President, of Moran & Company.
"We were thrilled with the ultimate execution and the strong lease up of the property by an affluent tenant base showed us that residents agreed with our vision for the community. This success reflects ColRich's expertise in creating premier residential products, Advent's strong performance as general contractor, and Lincoln Property Company's outstanding property management at CasaLago,” said Ziv Cohen, President, Resmark Apartment Living.
"We were focused on delivering an exceptional property in a desirable area that would be attractive to a broad demographic, including young professionals and families. The community is close to employment centers and offers easy access to a variety of retail and restaurants as well as Eastlake's outstanding local school district, parks, and recreation," said Danny Gabriel, Co-President /Chief Investment Officer, ColRich Multifamily.
CasaLago is comprised of two adjacent sister properties operating as a single community. Each was designed as a highly-amenitized, upscale community with comfortable living plans, high-quality finishes, and direct access enclosed garages. Two clubhouse buildings provide a vast array of amenities with a fitness center, yoga studio, entertainment spaces with media lounges, dining areas, and a large kitchen for community and private celebrations. The amenities also include a central lap pool and spa, children's play area, as well as a lakeview pool with breathtaking views of Otay Lake and the surrounding Open Space Preserve.
According to Murphy, “Resmark and ColRich early on saw the vision for both an outstanding site and the potential of the surrounding community. With many investors focused on urban infill, many residents were looking for something different. Resident demand for the suburbs caused Forbes to rank Chula Vista as the second fastest growing city in the U.S. since the recession, just ahead of Irvine, a fact many investors were unfamiliar with. CasaLago really enjoyed the best of both worlds. The quality of the development attracted broad interest from institutional investors that recognized not only how CasaLago’s outstanding design was tailor-made for the Eastlake demographic and the needs of residents, but also how the location truly connected with the employment base in Downtown San Diego.”
CasaLago Eastlake features two- and three-story buildings situated on a 19.6-acre site. One-, two- and three-bedroom residences range in size up to 1,482 square feet. The elevated site provides many units with sweeping views of the adjacent Otay Lake and the surrounding hills. Unique among rental communities, every unit at CasaLago includes a direct access attached garage, 75% of which are two-car garages. For more information, please contact Mike Murphy at firstname.lastname@example.org.
About The Resmark Companies
Founded in 1995, Resmark is a fully integrated real estate investment group powered by core foundational discipline and focus. The Resmark Companies' divisions— Resmark Apartment Living, Resmark Land and Housing, and Resmark Impact Ventures—finance, acquire, develop and manage real estate in the Western United States, including California, Washington and Arizona as well as in other select major metropolitan markets nationwide. 2015 marks the firm's 20th anniversary as a capital provider of choice, and to date Resmark has participated in over 190 investments encompassing more than 29,000 single-family and multifamily residential units, representing approximately $9.7 billion in cumulative and anticipated revenue to date. Headquartered in Los Angeles, Resmark also maintains offices in San Diego and Irvine, California and McLean, Virginia. For additional information, please visit www.Resmark.com
ColRich is a multigenerational, family-run homebuilding and multifamily investment company that focuses on integrating design and value into creative residential solutions. The company was founded in 1977 and is headquartered in San Diego, California.
Over the company’s successful 38-year history, ColRich has developed exceptional expertise in multifamily residential, single-family residential, retail, office, medical office and hotel assets. ColRich has successfully acquired, developed and managed more than 12,000 multifamily residential units in seven states (CA, OR, WA, CO, AZ, TX, UT), and has developed over 4,000 single family homes primarily in Southern California.
The company currently manages a portfolio of approximately 10,000 units in the Western United States. Leveraging upon its construction expertise, ColRich primarily invests in the value-add spectrum, with a heavy emphasis on value creation through either extensive renovations and repairs or ground up development.