MG Properties, Canyon Buy 370 Units in San Diego
The community came online in 2018.
A joint venture between MG Properties and Canyon Partners Real Estate LLC have acquired Shift Apartments, a 368-unit multifamily community located in downtown San Diego. Quarterra Multifamily previously owned the asset, according to Yardi Matrix.
A sale price was not disclosed.
Shift Apartments came online in 2018 and comprises 368 residences across two 21- and 5-story buildings. The Class A asset features studios to two-bedroom units with an average asking rent of $3,031, according to Yardi Matrix. The property also includes two penthouse units, in addition to 18,840 square feet of retail space.
Each residence includes an in-unit washing machine and dryer, stainless steel appliances, kitchen islands and quartz countertops. Shared amenities at Shift include a fitness center, a coworking space, a pool, a spa, a dog park and EV charging stations. The community also offers a rooftop sky lounge with a fire pit and barbecue grills.
Construction on Shift Apartments began in March 2016, with the project representing a $120 million investment. Previously, the property had a construction-to-permanent loan from JPMorgan Chase for $93.7 million that same year, Yardi Matrix shows. Occupancy at Shift is approximately 90 percent as of December 2025, according to the same data.
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Shift sits at at 1501 Island Ave. in San Diego’s East Village. Petco Park, home of the San Diego Padres, and the San Diego Convention Center are both within a mile of the community. Residents also have access to public light rail at the Park & Market station, a quarter mile away.
JLL’s Managing Directors Annie Rice and Brandon Smith arranged the financing.
Occupancy remains strong in San Diego
Following strong deliveries in 2023 and 2024, San Diego occupancy climbed 10 basis points to 96.3 percent in August 2025—160 basis points higher than the U.S. average, according to the latest Yardi Matrix report on the metro. Transaction activity also continued through the first three quarters of 2025, with $1.2 billion in assets trading.
In November of last year, Built Development Corp. and Ibex Ltd. received a $31 million construction loan for the development of Cuarto Apartments, a 74-unit luxury apartment community. The project is taking shape at a former office building site in the Bankers Hill neighborhood, and is expected to open in November 2027.
MG Properties is active around Southern California. This past June, the company purchased the 314-unit Citron Apartments in Anaheim, Calif. from Anton Development for $144 million.
