San Diego real estate investor Pacifica Companies has grabbed Chamoune Gardens, a three-story senior housing complex in the city’s Teralta East neighborhood, in a $12.6 million deal that puts fresh eyes on an aging but largely full affordable community. The 96-unit building at 4225 Chamoune Ave, which serves rent-subsidized seniors, was reported at about 95% occupied at the time of the sale. The purchase, the property's first recorded sale in more than two decades, lands in the middle of an ongoing squeeze on affordable housing for older residents across the region.
According to CoStar, Pacifica Cos. acquired Chamoune Gardens from private investor Mark Ostrow for $12.6 million, which works out to roughly $131,250 per unit, with the property about 95% occupied at closing. Public listings and sales records tracked by Realtor.com show the complex was marketed in late February and recorded as sold on April 1, 2026. Industry records list ACRE Investment Real Estate Services as the brokerage firm tied to the transaction.
The Building, Residents And Subsidy
Chamoune Gardens is listed as a seniors-only community and appears on the San Diego Housing Commission’s roster of affordable housing projects, which suggests that subsidy layers are part of the property’s operating structure. The SDHC compliance roster and related property profiles note that the site rises three stories and contains 96 units. Listings such as the community profile on Apartments.com identify the development as a 62-and-up community and highlight basic on-site amenities aimed at older residents.
Buyer Profile And Brokers
Pacifica Companies, a San Diego-based real estate investor that lists multifamily and senior housing among its areas of activity, is identified as the new owner. On its website, Pacifica Companies describes a diversified portfolio, although the firm had not posted a public notice of this specific acquisition as of publication. Sales snapshots and MLS entries show the buyer was represented by brokers tied to ACRE Investment Real Estate Services, and some listing snapshots identify David Andrews of ACRE as a contact for the transaction.
Why The Sale Matters Locally
What might look like a straightforward sale carries extra weight in a county where rent-restricted properties like Chamoune Gardens are part of a thinning safety net for seniors. Preservation or turnover of communities with income limits matters because San Diego County faces a large gap in homes affordable to low-income renters and older residents. The California Housing Partnership’s San Diego County Housing Need Report, along with local coverage of that analysis, lays out the shortfall and the strain on the funding that helps keep older properties affordable. Findings from the California Housing Partnership help frame this deal within those wider pressures on preservation and subsidy programs.
What Comes Next
Pacifica has not published details about whether it will renovate, recapitalize, or change management at Chamoune Gardens, and industry listings do not show an immediate repositioning plan. Tenants, local advocates, and city agencies are likely to watch closely to see whether existing subsidy layers and occupancy levels are preserved now that the complex has changed hands.
