The acquisition of Alterra & Pravada, which was rebranded as The District, brings TruAmerica Multifamily’s San Diego portfolio total to more than 1,600 units with assets in Oceanside, Vista, Escondido and El Cajon. The property represents TruAmerica’s fourth investment in the San Diego MSA and seventh investment in 2018. The District, was purchased from the original developer who has done an excellent job caring for the property.
TruAmerica will undertake a capital improvement program that will consist of a modest refresh of the nearly 10-year-old interiors as units turn, and will upgrade the common area amenities that include The District’s two clubhouses, two pools and pool decks. The exterior renovation program also will include new landscaping and paint to improve the overall curb appeal of the community. As a result of the planned apartment and common area upgrades, the property will be able to leverage its superior location and outperform other comparable communities.
Located in the highly desirable La Mesa submarket of San Diego, the property consists of 527 units (including 80 affordable units) and was built in two phases; Pravada in 2008 and Alterra in 2010. The property features an attractive unit mix comprised 53% of one-bedroom units and 47% of two-bedroom units with well-planned layouts at an average unit size of 911 square feet. The floor plans are spacious and well-designed and apartments include designer features such as 9’ to 11’ ceiling heights, washers/dryers, and fully-equipped electric kitchens, many with breakfast bars and select with islands. The comprehensive amenity package includes: 2 leasing centers, 2 clubhouses, 2 fitness centers, 2 swimming pools, 2 spas, 4 business centers, a yoga room, several outdoor lounge and barbecue areas, 5 water features, outdoor chess tables, on-site transportation and electric car charging stations.
The District is a transit-oriented development built in partnership with San Diego MTS
(Metropolitan Transit System) at the Grossmont Trolley Station. The property is strategically located on a Trolley stop in La Mesa, with excellent freeway access to both Interstate 8 and Highway 125. The community is just minutes from some of San Diego’s top employment centers, including San Diego State University, Kearny Mesa, Mission Valley and downtown San Diego. The property is walking distance from numerous retail and office centers. Grossmont Center, a regional mall containing 1.1 million SF of retail shops and restaurants, is just ¼ mile from the property and includes anchor tenants Target, WalMart and Macy’s.
In 2012, The League of California Cities recognized the former Alterra & Pravada for combining many of the current smart growth points, utilizing existing infrastructure, promoting transit and providing measures for sustainability with close proximity to jobs and entertainment.