SAN DIEGO, CALIFORNIA (January 14, 2020) – NorthMarq’s Southern California investment sales team of Managing Directors Kyle Pinkalla and Shane Shafer arranged the $22.1 million sale of Southern Highlands Independent Senior Living. The 151-unit senior housing property is located at 2525 Highland Avenue in National City, California.
The buyer, Lincoln Avenue Capital, LLC is a leading investor in low-income housing complexes nationwide. The seller was Shefflin Investments, based in Monecito, California.
“This property was so appealing to buyers for three reasons,” said Pinkalla. “It offers investors the opportunity to continue a value-add strategy to make the property a “best-in-class option for seniors, it enjoys a prime coastal location in the rapidly growing city of National City in San Diego’s South Bay and finally, as the baby boomer generation ages across the country and in San Diego, demand for age-restricted housing will continue at steady pace for years to come.”
The one-building/three-story property was built in 1999 and consists of a mix of 151 studios and 1-bedroom units, plus one commercial space. The property is situated on 1.03 acres and holds 75 underground and gated parking spaces. Apartment amenities include: Maintained interiors and kitchens, patio or balcony in select units, A/C and heat and stove and refrigerator. Community amenities include: Gated underground parking, two elevators servicing all floors, maid services available to tenants and on-site property-owned laundry facilities.
The property is conveniently located near the Interstate 5 and 805 and the 54 Freeway and is within walking distance of public transportation. This accessibility provides residents with immediate access to healthcare – about three miles away is the Scripps Mercy Hospital and the Paradise Valley Hospital, abundant shopping, cultural hubs, entertainment – about one mile away is National City’s Kimball Senior Center, and only a few miles from the Chula Vista Bayfront – a future world-class waterfront resort destination. Several retail stores nearby include Walmart, Costco, Walgreens, and Target.