Greystar JV Sells San Diego Luxury High-Rise
The deal marks Broe Group's entry into Southern California's multifamily market.
The Broe Group has entered Southern California with the all-cash acquisition of 525 Olive, a 204-unit luxury high-rise in San Diego. A joint venture between Greystar and St. Paul’s Episcopal Church previously owned the property.
Rising 20 stories, 525 Olive was built in 2022 on a site owned by St. Paul’s Episcopal Church, giving the entity a 6 percent ownership stake in the asset. Greystar owned the remainder. Development costs clocked in at $100.2 million.
Floorplans comprise studio, one- and two-bedroom layouts, as well as penthouses ranging between 533 and 1,625 square feet. Pursuant to a density bonus law, 18 of the units are set aside for residents earning at or below 50 percent of the area median income.
READ ALSO: Largest Owners of Multifamily Properties
Apartments feature smart home technology, including keyless entry systems, while community amenities include a sky club, a gym, conference rooms, as well as EV charging stations and a swimming pool.
The property is in the Bankers Hill neighborhood across the street from Balboa Park, an outdoor destination including a zoo, several museums and gardens. Little Italy, East Village and the San Diego Bay are within 3 miles.
Walker & Dunlop Managing Director Hunter Combs served as transaction advisor.
San Diego apartments crest past 2022 valuation peak
This central San Diego submarket has generated substantial investor interest throughout 2026. BGO’s $954 million July portfolio acquisition from Holland Partner Group included the 431-unit West, located more than 1 mile from 525 Olive.
Within walking distance of the asset, a joint venture between BlackRock and CalSTRS paid $72 million to buy Caprielle, a 160-unit community, from Camden Property Trust. JLL provided a $43.2 million Fannie Mae loan for the deal in July.
Notably, units across the entire market reached a median sale price 5 percent above the 2022 peak, with the figure clocking in at $380,700 year-to-date through September, according to a Northmarq report. Cap rates averaged 5.0 percent during the same period.
