Investment Highlights

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.

Property Highlights

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.

Unit Amenities

“Best of Class” LEED Gold Standards

9 or 11 Foot Ceilings

High-Efficiency Heating/Air Conditioning System

Lighted Ceiling Fans in Living and Master Bedroom

Full-Size Side by Side or Stacked GE Washer/Dryer in Unit

Fully Equipped Kitchens with GE Appliances: Electric Range, Refrigerator

with Ice Maker, Microwave, and Dishwasher

Breakfast Bar or Kitchen Island on Selected Units

Pantry with Adjustable Shelves

Dual-Pane, Low-E Windows to Reduce Noise and Maximize Natural Light

Easily Accessible Outdoor Storage on Selected Units

Oversized Walk-In Closets on Selected Units

Private Patio or Balcony on Selected Units

Elegant Oval Roman Tub in Master Bath

Sensor Lighting in Bathrooms

Community Amenities

Two Relaxing Courtyard Pools and Spas

Two Resident Clubhouses

Two Leasing Offices

Four Business Centers with Workstations and Printer/Copy/Fax

Two Fitness Centers with Plasma TVs

Two Outdoor Fireplace Lounges

Picnic and Barbecue Areas

Controlled Access Entries

Controlled Access Parking Garage

Elevator Served (8 Total)

Three Electric Car Charging Stations

Outdoor Fountains

On-Site Trolley and Bus Access at Grossmont Station

Walking Distance to Retail and Employment

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