LaSalle Investment Management has acquired the Overlook at Bernardo Heights, a 330-unit multifamily property located in the affluent Rancho Bernardo submarket of San Diego, California.
LaSalle acquired the asset on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”).
Overlook at Bernardo Heights features convenient access to major employers in the San Diego metro area including Sony, General Atomics, Bae Systems, HP and Northrop Grumman, as well as top-rated schools as measured by Niche.com. LaSalle believes operating fundamentals of the submarket remain favorable due to a variety of demand drivers combined with a lack of new supply and high barriers to entry.
Built in 1987, Overlook at Bernardo Heights, a 330-unit multifamily property in San Diego, also presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents. Brokerage services for the transaction were provided by Moran & Company.
“LPF is pleased to have increased its exposure to the San Diego market through its acquisition of Overlook at Bernardo Heights. We believe this investment is a good fit with LPF’s strategy to invest in high quality multifamily properties that are both located in top markets and offer the potential to be further enhanced through a modest renovation program,” commented Jim Garvey, Portfolio Manager for LaSalle Property Fund.
“The Rancho Bernardo submarket along the I-15 corridor of San Diego is a great location to own multifamily property for a variety of reasons, including the quality of its schools and access to employment and outdoor recreational activities. San Diego’s outsized population and job growth combined with the submarket’s high barriers to entry makes this a compelling investment with meaningful upside potential,” commented Summit Walia, Managing Director of Acquisitions at LaSalle.