San Diego –Security Properties Inc. paid $22 million for Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. The multifamily transaction is the first 100-unit apartment sale in downtown San Diego since March 2007, according to CB Richard Ellis.
Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis represented the seller, SRM Development LLC. Security Properties Inc. represented itself.
SRM Development constructed the project in 2004 in downtown San Diego’s East Village neighborhood. The property includes a fitness center, business center, conference room and rooftop terrace with panoramic views. Capital improvements planned for the property will renovate the leasing office, roof top common area and implement a vibrant exterior paint scheme.
Entrada’s unit mix includes 126 studios; 36 one-bedroom, one-bathroom units; five two-bedroom, two-bathroom units; three three-bedroom, two bathroom units; one live-work unit and one loft. The project has 40 units set aside for low and moderate-income residents.
Security Properties Inc. capitalized the acquisition by assuming an existing conduit loan and assumed a modified loan from Centre City Development Corp. (CCDC). CCDC provided the original developer with $3.5 million of equity to construct the complex in exchange for providing 40 affordable units as part of the project.