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I assume this project will become a Worldmark??
Timeshare Firm Takes $32M Archstone Site:
Timeshare Firm Takes $32M Archstone Site:
SAN DIEGO-Oakwood Mission Valley, a 170-unit multifamily property has been sold by Englewood, CO-based Archstone-Smith for $32.8 million. The sale of the property has an interesting twist to it: the site will be converted to a timeshare resort.
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Built in 1990, the property will see roughly $17 million in renovations, or $100,000 per unit. Interiors will add stainless steel appliances and plumbing will be replaced. Common areas will also be brought up to luxury hotel quality levels.
Of the 170 units, 58 are one-bedroom and 112 are two-bedroom residences. All the units are housed in a single, four-story building. The units range from 598 sf to 897 sf.
Davis says Oakwood is the first timeshare property sold out of Moran’s West Coast office. He adds that Cendant had already picked up two other sites in the San Diego area and had a good understanding of the zoning issues and what it would take to convert the units to timeshares.
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Built in 1990, the property will see roughly $17 million in renovations, or $100,000 per unit. Interiors will add stainless steel appliances and plumbing will be replaced. Common areas will also be brought up to luxury hotel quality levels.
Of the 170 units, 58 are one-bedroom and 112 are two-bedroom residences. All the units are housed in a single, four-story building. The units range from 598 sf to 897 sf.
Davis says Oakwood is the first timeshare property sold out of Moran’s West Coast office. He adds that Cendant had already picked up two other sites in the San Diego area and had a good understanding of the zoning issues and what it would take to convert the units to timeshares.
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