Agave Ridge, a 369-unit townhome community in San Diego’s Kearny Mesa neighborhood, was acquired by San Francisco-based Prime Residential in a transaction worth $107 mil ($290k/unit). The asset was sold by Goldrich & Kest, out of Los Angeles.
Located at 7901 Harmarsh St, the 368.6k sf property was originally built in 1959. The unit mix is composed of all three-bedroom and two-bedroom townhomes, with an average unit size of approximately 1k sf. Amenities include playgrounds, pools and a fitness center.
Agave Ridge is located just south of the interchange between I-805 and SR 163, two major San Diego freeways that connect Kearny Mesa to the rest of San Diego. The property is directly adjacent to Sharp Hospital and Rady Children’s Hospital, two of the largest medical facilities in the San Diego area. It is also less than two miles from Convoy St, one of San Diego’s most popular dining corridors, and is in proximity to all major San Diego employment centers.
CBRE’s Kevin Mulhern Allen Chitayat, Stew Weston, Dean Zander and John Montakab represented the seller in the deal. The buyer was self-represented.
“Agave Ridge is an incredibly well-located community with all townhouse-style units that provide much needed housing for families in the area and has become even more desirable with the approval of the recently updated Kearny Mesa Community Plan,” said Mulhern.