With over 40 years of combined multi-family experience, the San Diego Multi-Housing team offers clients a full-service brokerage team with a specialty in bank disposition of non- or under-performing assets. In the wake of the ongoing credit crisis, our team is devoted to helping banks resolve complicated and time sensitive issues surrounding their commercial real estate properties.

The San Diego Multi-Housing team is part of CBRE’s Restructuring Services (RS), which serves these unique client needs with a fully-integrated platform that specifically addresses the workout, restructuring and recovery of distressed commercial real estate loans and assets.

Our Process

Our Successes

Property:	Hillcrest Place
Address:	1030 Robinson
City:	San Diego
Units:	29
Unit Mix:	13 - 1br/1ba, 16 - 2br/2ba
Square Feet:	48,000
Year Built:	1966
Acres:	0.61
COE:	May 2009
Sales Price:	Not disclosed
Sale Details: The CBRE San Diego Multi-Housing team represented the buyer in an unsolicited offer to China Trust Bank to purchase a non-performing Note encumbering the remaining 29-units in a 40-unit condo conversion.  The buyer closed escrow prior to judgment concerning an Appeal for Relief from Stay.

 

Property:	Clear Skies Condos
Address:	2234 & 44
City:	San Diego
Units:	10
Unit Mix:	1 – 1br/1ba, 2 – 1br/1½ba, 7 – 2br/2½ba
Square Feet:	13,286
Year Built:	2008
Acres:	0.23
COE:	April 2009
Sales Price:	$1,300,000
$/Unit:	$130,000
$/SF:	$97.85
Sale Details: The CBRE San Diego Multi-Housing team ferreted a buyer for a failed condominium project owned by East West Bank. Our team was able to locate an investor/contractor who was capable of finishing the $1,000,000 of unfinished construction. Once the bank foreclosed on the property in early March, they indicated a need to sell before April 2009. Our buyer was able to execute an all cash offer and close a 14-day escrow.

 

Property:	El Tesoro
Address:	434-456 South Mollison
City:	El Cajon
Units:	41
Unit Mix:	1 - studio, 9 - 1br/1ba, 30 - 2br/2ba
Square Feet:	32,875
Year Built:	1977
Acres:	2.22
COE:	April 2008
Sales Price:	$3,800,000
$/Unit:	$92,683
$/SF:	$115.59
Sale Details: The CBRE San Diego Multi-Housing team obtained an Exclusive Right to Sell agreement from First Regional Bank in February of 2009. After an aggressive marketing campaign, we received six offers in ten days. The top three purchasers inspected unit interiors and resubmitted offers based on necessary capital improvements. First Regional Bank was able to open escrow non-contingent with the highest price and best terms due to the team’s ability to ferret the most qualified buyer.

 

Property:	Taft Apartments
Address:	143-199 Taft Avenue
City:	El Cajon
Units:	38
Unit Mix:	16 - 1br/1ba,18 - 2br/2ba, 4 - 3br/2ba
Square Feet:	30,888
Year Built:	1975
Acres:	1.26
COE:	2/10/2009
Sales Price:	$3,240,000
$/Unit:	$85,263
$/SF:	$104.90
Sale Details: The CBRE San Diego Multi-Housing team represented a buyer in an unsolicited offer on a failed condo conversion owned by First Regional Bank. The property was vacant and did not have a Certificate of Occupancy. The buyer was able to complete all due diligence within 30 days of contract. This includes bidding costs on all unfinished work and coordinating with various city agencies to understand construction costs, permit process and time for completion. Escrow closed 30 days after removal of contingencies.

 

Property:	Tres Pinos
Address:	520 South Mollison Ave.
City:	El Cajon
Units:	68
Unit Mix:	24 - 1br/1ba, 32 - 2br/1ba, 12 - 3br/2ba
Square Feet:	57,160
Year Built:	1977
Acres:	2.85
COE:	5/9/2008
Sales Price:	$5,800,000
$/Unit:	$85,294
$/SF:	$101.47
Sale Details: Both Lexington Park and Tres Pinos were note sales done for Comerica Bank. The CBRE San Diego Multi-Housing team originally sold the properties to a condominium developer. Our client, the original seller, purchased the notes back from Comerica. We negotiated the transaction and guided the note buyer through the foreclosure process to obtain good title.

 

Property:	Lexington Park
Address:	800 East Lexington
City:	El Cajon
Units:	79
Unit Mix:	79 - 2br/2ba
Square Feet:	71, 080
Year Built:	1987
Acres:	2.18
COE:	4/1/2008
Sales Price:	$10,000,000
$/Unit:	$126,582
$/SF:	$140.69
Sale Details: Both Lexington Park and Tres Pinos were note sales done for Comerica Bank. The CBRE San Diego Multi-Housing team originally sold the properties to a condominium developer. Our client, the original seller, purchased the notes back from Comerica. We negotiated the transaction and guided the note buyer through the foreclosure process to obtain good title.

 

Property:	Silver Oaks
Address:	945 Estes
City:	El Cajon
Units:	57
Unit Mix:	32 - 1br/1ba, 25 - 2br/1/ba
Square Feet:	44,796
Year Built:	1976
Acres:	2.38
COE:	12/30/2008
Sales Price:	$4,500,000
$/Unit:	$78,947
$/SF:	$100.46
Sale Details: Through continuous research and tracking of distressed assets in San Diego, the CBRE San Diego Multi-Housing team found that Silver Oaks Apartments had been taken back by Provident Bank.  The bank conveyed a need to close escrow by year-end, presenting a particularly aggressive time-table. Using our team database, we were able to find an apartment owner capable of executing a fourteen day escrow. A team member drove to Riverside to present the offer, and escrow closed fourteen days later.