Purchase of Alexan Millenia Apartments in Chula Vista by Barings

Chula Vista, CA
Oct 2019
Press Release

San Diego, CA – October 9, 2019 – Barings LLC (“Barings”), one of the world’s largest diversified real estate investment managers, on behalf of institutional investors announced today the acquisition of Alexan Millenia (the “Property”). The Property is a 309-unit, luxury multifamily community located south of San Diego in Chula Vista, CA.  This multifamily acquisition builds upon Barings’ portfolio of nearly 7,000 apartment units across the United States. 

Alexan Millenia is located within eastern Chula Vista’s desirable Otay Ranch neighborhood and is situated 25 minutes southeast of Downtown San Diego. The Otay Ranch area has experienced tremendous growth in recent years that has triggered an unprecedented population expansion and urbanization of the neighborhood, transforming it into San Diego’s ultimate urban-suburban enclave.

The Property was completed in 2019 and features modern interiors, social community amenities, and a walkable street scene filled with onsite retail and dining. Alexan Millenia offers an array of expansive one, two, and three bedroom floorplans averaging 1,022 square-feet, as well as live/work townhome-style homes.

Alexan Millenia is strategically surrounded by over 900,000 square feet of walkable Class A retail including Starbucks, HomeGoods, and World Market at the contiguous Millenia Commons, and Cheesecake Factory, Apple and AMC Theatres at the 675,000 square-foot Otay Ranch Town Center.

“The draw for Alexan Millenia included the high-quality Otay Ranch neighborhood, exemplary schools, and the brand new, dynamic mixed-use village of Millenia.  There is over $4 billion currently being invested in a suite of commercial projects that plan to bring thousands of new high-paying jobs including a multi-billion dollar bayfront redevelopment — all within a few miles of Alexan Millenia,” said Rachel Parsons, Moran & Co.

“Alexan Millenia is an attractive addition to our real estate portfolio for many reasons, including its proximity to San Diego and nearby retail and dining options,” said John Ockerbloom, Barings’ Head of U.S. Real Estate Equity. “This property is in a growing master planned community with very strong demographics, which fits well with our investment strategy of targeting densifying suburban nodes with a focus on live, work, play environments.”

The seller, DRI/Maple Millenia, was a partnership between Trammell Crow Residential and Diamond Realty Investments, Inc.  Trammell Crow Residential is the national multifamily development company of Crow Holdings.

The property was marketed on behalf of the seller by the Moran & Company team of Rachel Parsons, Derrek Ostrzyzek, Tom Moran Jr. and Mary Ann King.

About Barings

Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.

*As of June 30, 2019

Barings Real Estate

Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

About Trammell Crow Residential

Trammell Crow Residential (TCR) is a national multifamily real estate developer with a local presence in 13 key U.S. markets.  Over 40 years, TCR has built over 250,000 premier multifamily residences, delivering amenity-rich communities in economically thriving locations nationwide.  TCR and Crow Holdings Industrial (CHI) are part of the development platform of Crow Holdings, a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation.

Media Contacts:

Rachel White, Barings, 980.417.5886, rachel.white@barings.com
Rachel Parsons, Moran & Co,  949.242.4082, rparsons@moranandco.com

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