SAN DIEGO, CALIFORNIA (September 6, 2022) – Kyle Pinkalla, managing director of Northmarq’s San Diego investment sales team secured the $64.5 million sale of River’s Edge Apartments. The 184-unit multifamily property, built in 2007, is located at 2088 East Lakeshore Drive, Lake Elsinore, California. Northmarq represented both the seller, Weidner Apartment Homes, and the buyer, an entity of Atlantic Pacific Companies, in the transaction.
“The buyer was attracted to River’s Edge’s quality construction and close proximity to the freeway which connects the tenant base to the multiple job hubs throughout SW Riverside County. Additionally, Lake Elsinore is a direct shot from San Diego, where the buyer has a large operations presence,” said Pinkalla.
The sale comes in the context of strengthened multifamily market in the local investment market during Q2, according to Northmarq’s recently released San Diego multifamily market insights. Year to date, sales volume is up nearly 10 percent from last year. Read the full story here.
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.