JANUARY 26, 2007 — San Diego — CB Richard Ellis has arranged the sale
of Point Loma Towers, a 195-unit apartment community in San Diego, for
an undisclosed price. Gables Residential, based in Dallas, purchased
the property from a San Diego general partnership.

CB Richard Ellis’ multi-housing team of Jim Neil, first vice president,
and Eric Comer, senior vice president, represented the seller in the
transaction. “[The property’s] timeless architecture, sound construction
and owner’s meticulous care offer Gables an exceptional starting
point,” Neil said.

Completed in 1966, the property was built by Ted Mintz and Richard
Mabie, of Mabie & Mintz, a San Diego development company. Since 1955, the
firm has built several thousand apartments, including 3200 6th Avenue
apartments and the Carousel Apartments, both located in San Diego, and
University of California San Diego’s 400-unit married student housing
community in La Jolla, Calif., about 13 miles from San Diego. Significant
capital improvements have been made over the last several years.

Perched on a bluff in the Loma Portal neighborhood, the property enjoys
views of the Pacific Ocean, Mission Bay, Easy County and downtown San
Diego. The community features three-story buildings with floor plans
that take advantage of natural light. Amenities include a 20-meter
swimming pool, oversized spa and sundeck, along with fitness and recreation
facilities.

“Point Loma Towers is a strategic investment for Gables Residential,
representing our continued pursuit of well located, value-added
opportunities in established, premium neighborhoods throughout Southern
California,” said Gregg Logg, director of development for Gables Residential.

Source:
http://www.multi-housingnews.com/multihousing/headlines/article_display.jsp?vnu_content_id=1003538291