Lowe, LaSalle Sell San Diego Asset for $106M

Idea1. Image courtesy of Stephen Whalen Photography

Lowe and LaSalle Investment Management sold the three-building Idea1 multifamily property in San Diego to Fairfield Residential for $106 million. The apartment building is in the East Village neighborhood of the city’s downtown market.

The 295-unit Idea1, located at 895 Park Blvd., offers studio, one- and two-bedroom units, ranging from 520 square feet to 1,702 square feet. The property was constructed in 2017 and comprises three buildings of four, six or seven stories. Apartment amenities include controlled access, above-standard ceiling heights, vaulted ceilings in most units, dual-pane vinyl windows, full-size washers and dryers, stainless steel appliances, quartz countertops, wood-style plank flooring and private balconies/patios in select units.

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Residents have access to conveniences that include a glass Idea Box that serves as a business center, co-working space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Idea1 features a rooftop clubroom, a sundeck with outdoor barbecues and firepits, a rooftop spa, a 24-hour fitness center, the Hub flexible event space, on-site restaurants, an art gallery and a five-story mural. Idea1 has 5,533 square feet of retail space and 7,717 square feet of office space. The property has 295 parking spaces, with covered parking also available.

Idea1 is close to employment centers in downtown San Diego, Mission Valley, Kearney Mesa, the University Town Center and Sorrento Mesa. It is near Santa Fe Depot, which provides access to Amtrak and the North County Transit Districts’ Coaster rail service. The property is a few minutes from I-5 and I-163 freeways and San Diego International Airport. Idea1 is also near Balboa Park, the home of the San Diego Zoo, and East Village Green.

Award-Winning Design

Idea1 was designed by The Miller Hull Partnership. The property received a 2018 Honor Award for urban design by the San Diego chapter of the American Institute of Architects. It also received a 2018 Orchid Award for Urban Design from San Diego Architecture Foundation and a 2017 Make Your Place Alonzo Award from Downtown San Diego Partnership.

Lowe and LaSalle Investment Management were represented in the transaction by Darcy Miramontes and Kip Malo with JLL Capital Markets. Fairfield Residential was represented in-house by George Lloyd.