H.G. FENTON COMPANY ACQUIRES TWO SABRE SPRINGS APARTMENT COMMUNITIES FOR $71,479,990 MILLION – Company Expands Residential Portfolio to 11 Communities with 2,800 Units
SAN DIEGO – As part of its continuing commitment to provide San Diegans with quality places to live and work, H.G. Fenton Company has expanded its residential portfolio through the acquisition of the Evening Creek and Creek View apartment communities in Sabre Springs for a combined total of $71,479,990 million.
“These are newer and very well-maintained communities that offer the location and amenities that residents today want and value,” said Mike Neal, president and CEO of H.G. Fenton Company. “We are dedicated to offering attractive housing options near where people work. Both Evening Creek and Creek View offer close proximity to mid-county business centers in Scripps Ranch, Carmel Mountain, Poway and Miramar, as well as to the coastal centers of Del Mar Heights and Sorrento Mesa/Sorrento Valley via the new SR-56.
“Evening Creek and Creek View are welcome additions to the H.G. Fenton Company portfolio,” said Neal. “We look forward to providing their residents with our long-term ownership commitment and the high level of service for which we are known,” Neal said.
With H.G. Fenton Company’s acquisition of Evening Creek and Creek View — which offer 139 and 133 residences, respectively — the company’s multifamily portfolio now totals 2,800 units in 11 neighborhoods throughout San Diego County.
Evening Creek and Creek View were built in 2001and 2002, respectively, by Pardee Homes. Set in the heart of the fast-growing mid-county community of Sabre Springs, both neighborhoods offer convenient proximity to shopping, dining and award-winning schools, as well as easy access to all points of the county via the nearby I-15 and SR-56 freeways.
Evening Creek is located at 19018 Evening Creek Drive East, and includes 96 two-bedroom and 43 three-bedroom residences, including a two-bedroom with den option. Creek View is located at 12389 Creekview Drive and offers 82 two-bedroom and 51 three-bedroom units, also with a two-bedroom with den option.
The spacious floor plans in both communities range from 998 square feet to 1,353 square feet and include numerous upgraded appointments including built-in entertainment niches, gas fireplaces, nine-foot-high ceilings with crown molding accents, private patios or balconies and attached one- or two-car garages.
Security and privacy at both Evening Creek and Creek View are assured through controlled access entry gates. Community and lifestyle amenities at each neighborhood include a resort style pool and spa, state-of-the-art fitness center, and well-maintained landscaping. Evening Creek also includes a lighted tennis court, indoor racquetball court and clubhouse with ballroom, library, media room and executive business center.
H.G. Fenton Company, dba Evening Creek LLC and Fenton Creek View LLC, purchased both communities from The Wolff Companies. The purchase price for Evening Creek was $35,069,335, and the purchase price for Creek View was $36,410,665. J. Kevin Mulhern, Dixie Hall and Dick Schneider of CB Richard Ellis’ San Diego Central office represented both parties in the two transactions with assistance from Ray Eldridge and Chris Knowles of CB Richard Ellis’ Newport Beach office.
Founded in 1906, H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers. In addition to its residential portfolio, the company also owns and manages over 3 million square feet of existing industrial space throughout San Diego County. It is also master planning or under construction on several new projects in key locations throughout the county including the 1-million-square-foot Fenton Technology Park in Sorrento Mesa, and several new build-to-suit and multi-tenant office and industrial parks in Carlsbad.
“Our residential and industrial portfolios are carefully structured to give our business tenants and residents flexibility by providing them with the ability to relocate to other H.G. Fenton Company projects and communities as their needs change,” said Neal. “We are very focused on meeting the needs of our customers over the long-term, and this is reflected in our acquisition and development strategy as well as by our personal approach to management, service and maintenance.”
In addition to Evening Creek and Creek View, other San Diego apartment communities owned by H.G. Fenton Company included: Seagate in Carlsbad, 272 units; Solana Highlands in Solana Beach, 194 units; Bella Del Mar in Del Mar, 96 units; Scripps Landing in Scripps Ranch, 160 units; Tierrasanta Ridge and El Dorado Hills in Tierrasanta, 356 and 455 units, respectively; Club River Run and River Front in Mission Valley, 368 and 229 units, respectively; and the newly completed Portofino community in Mission Valley, 396 units.
H.G. Fenton Company headquarters are located in Mission Valley Heights at 7588 Metropolitan Drive. The company’s web address is www.hgfenton.com.