The Residences at Escaya

1925 Avenida Escaya ​ | ​ Chula Vista, CA 91913

The Opportunity

Berkadia Institutional Solutions has been engaged by HomeFed Corporation for the recapitalization or sale of The Residences at Escaya, a 272-unit luxury apartment community located in Chula Vista’s rapidly growing Otay Ranch neighborhood. Delivered in 2019, the property has been extremely well-received by the community, having recently won the highly coveted Pillars of the Industry Award for the nation’s “Best Garden Apartment Community” by NAHB. Surrounded by high-quality employment, exceptional retail and recreation amenities, and set in one of the fastest growing cities in California, The Residences at Escaya presents an exceptional opportunity to invest in one of San Diego’s most sought-after residential communities.

property summary

272

No. of Apartment Homes

2019

Year Built

906 SF

Average Unit Size

±9.87

Site Acreage

±27.6 DU/AC

Density

30,536 SF

Retail Space Sq. Ft.

483 / 1.8:1

Parking Spaces / Ratio

Investment Highlights

The Village of Escaya MasterplanRanked the #1 best-selling community in San Diego and among the top 50 in the country, The Village of Escaya was the hottest selling master planned community in San Diego during its selling period which began in 2017. Designed as a walkable urban village just 15 miles from Downtown, Escaya is a 450-acre master planned community that offers 948 luxury homes, 155,000 sq. ft. of commercial space, 10 acres of parks, and an elementary school, all centered around a lively 30,000 sq. ft. town center. The masterplan is currently in the process of delivering its final commercial and residential projects, which include a 201,000 sq. ft. commercial center breaking ground in June 2022.

Best In Class Product– From its ultra-modern unit interiors and its unparalleled amenities to the lively town center running through the center of the property, The Residences at Escaya has taken luxury, community-centric living to a whole new level. Built in December 2019, the property won the 2021 NAHB Pillars of Industry Awards for "Best Garden Community - 5 Stories or Less".​ ​ It offers over 30,000 sq. ft. of prime retail space that has attracted a dynamic mix of tenants including a boutique wine and spirits shop, a licensed daycare, and other convenience retailers. The appeal of Escaya’s high-quality, suburban product is clearly demonstrated by the fact that the property is currently 96% occupied with recent leasing activity achieving 19% premiums over prior leases.

Exceptional Rental Market Fundamentals​ – Chula Vista is one of San Diego’s top performing rental markets and proved to be ‘recession proof’ in 2020 when rents actually grew by 3.7%. Last year, as the migration to the suburbs trend continued, rents grew a staggering 17.9% all while maintaining occupancy of 98.3%. CoStar projects rents to rise another 6.3% annually for the next 3 years with occupancy forecasted at 97.8%.

Outstanding Access to Jobs– Residents are less than 20 minutes from key employers such as Collins Aerospace, General Dynamics, Sharp Medical Center, as well as the new 3 million sq. ft. Amazon​ distribution center. And with the​ I-805 and​ 125 South Bay Expressway​ located just 2 miles away, residents can access San Diego's top job centers in under 40 minutes, including Downtown, Kearny Mesa, Mission Valley​ and UTC.

Over $4 Billion of Investment Pouring In​ – A suite of transformational development projects are, or will soon be, underway within a few miles of Escaya. From a 2 million sq. ft. new Class A office park to a multi-billion-dollar bayfront redevelopment project, there has never been a more thrilling time to be in Chula Vista.

Strong Property-Level Demographics – The Residences at Escaya has attracted a highly affluent resident base with an average household income of $113,830, which is nearly 4x the average in-place rent. Notable resident employers include Rady Children’s Hospital, Sharp Medical Center, Booz Allen Hamilton, Collins Aerospace,​ and General Dynamics.

Photo Gallery

Contact Us

BERKADIA INSTITUTIONAL SOLUTIONS

3333 Michelson Drive, Suite 620
Irvine, CA 92612
Berkadia.com

Berkadia Team

INVESTMENT SALES

RACHEL PARSONS

Senior Managing Director
858.945.0992
rachel.parsons@berkadia.com
CA BRE #01335449

DERREK OSTRZYZEK

Managing Director
310.924.9348
derrek.ostrzyzek@berkadia.com
CA BRE #01984295

THOMAS BENDER

Associate Director
714.336.2030
thomas.bender@berkadia.com
CA BRE #01936873

MIKE MURPHY

Senior Director
714.318.3978
mike.murphy@berkadia.com
CA BRE #01241878

TOM MORAN

Senior Managing Director
714.269.8380
tom.moran@berkadia.com
CA BRE #01201310

MARY ANN KING

Co-Head of Investment Sales
949.242.4070
maryann.king@berkadia.com
CA BRE #01188651

MORTGAGE BANKING

ED KIM

Managing Director
310.869.8833
ed.kim@berkadia.com

1925 Avenida Escaya ​ | ​ Chula Vista, CA 91913

© 2022 Berkadia Proprietary Holding LLC

Berkadia® is a trademark of Berkadia Proprietary Holding LLC

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.

In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. ​ For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing