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Coronado Apartment Complex Sells for $161M; Among Largest Sale This Year

The Coronado Bay Club Resort Apartments on the bay recently sold for $161.58 million or $294,316 per unit, according to several reports. The 549-unit property on 13.91 acres at 1515 Second St. sold to a unit of Phoenix-based Alliance Residential Co. The seller was Coronado Commonwealth Apartments Inc., a unit of LaSalle Investment Management.

The sale is one of the largests of the year in San Diego County, according to The Daily Transcript.

The apartment complex, built in 1971 and renovated in 2008, offers studio to two-bedroom units ranging in size from 404 to 1,063 square feet. Rents range from $1,193 to $2,683 per month, according to the business publication.

The sizable complex is reportedly situated on the fourth largest parcel in Coronado, is one of only 24 complexes with more than 500 units in the county, and the only 100-plus unit multifamily property that overlooks the water, according to The Daily Transcript.

The seller was represented by Darcy Miramontes, Kip Malo, Jubeen Vaghefi and David Young, of Jones Lang LaSalle. Alliance represented itself.

Read more about the sale here.

caroline haines December 06, 2013 at 11:31 AM
Was the sale of the Bay Club only for the structure or was the land included?...My understanding that it is on lease land. Please confirm.. thank you

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