Colliers arranged the $82.2 million sale of Market Street Village Apartments, a 229-unit community located at 699 14th Street in downtown San Diego’s East Village.
Represented by Colliers vice chair Kitty Wallace and senior associate Anna Kampling, the private buyer and the seller, Equity Residential, closed the Market Street Village transaction at a 4.5% cap rate.
“This transaction supports the buyer’s mission to provide and expand affordable housing options for workforce residents meeting a critical need in San Diego where the average resident needs to earn nearly $200,000 annually to afford a median-priced home and where rents are fifth highest per capita in the country,” said Wallace.
She added, “Equity Residential’s willingness to work with a new-to-market buyer with a demonstrated ability to close was pivotal to providing quality housing for those in need in the local market.”
The property offers the convenience of great shopping, nightlife, and restaurants nearby. Market Street Village Apartments include in-home washer and dryer and stainless steel appliances. Residents can relax by the outdoor fireplace on the rooftop deck or enjoy the fitness center with free weights and cardio machines.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Colliers Structured Finance Group is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements.
