Berkadia Arranges $28M in San Diego Sales

Two properties traded for the highest per-unit price in their respective submarkets. Associate Director Tyler Sinks, Managing Directors Ed Rosen and John Chu worked on behalf of the sellers.
Kensington Commons
Kensington Commons

Berkadia has completed the sale of two San Diego properties: The 34-unit Kensington Commons and the 10-unit Charlee Lofts. Both deals represent the highest price-per-unit sales in their respective submarkets. Kensington Commons traded for $22.7 million, or $666,176 per unit, while Charlee Lofts’ new owner paid $535,000 for each of the property’s unit.

Associate Director Tyler Sinks, along with Managing Directors Ed Rosen and John Chu of Berkadia’s San Diego office acted on behalf of the sellers. Berkadia’s proprietary database of 1031 exchange buyers contributed to facilitating these record-setting transactions.

Located at 142 Adams Ave. in San Diego County, Kensington Commons is in close proximity to Interstate 15 as well as shops, restaurants and parks. Designed by Allard Jansen Architecture & Development, the newly constructed property includes one- and two-bedroom units, with ground-floor boutique retail. The sale was subject to the buyer assuming the existing financing.

Charlee Lofts
Charlee Lofts

Situated at 4045 30th St., Charlee Lofts is in North Park, minutes from downtown San Diego. Completed in 2017, Charlee Lofts’ units average 850 square feet and include energy efficient stainless-steel appliances, floor-to-ceiling windows, quartz countertops, balconies and 20-foot ceilings in select apartments. The property encompasses 1,820 square feet of commercial space. 

In May 2017, Berkadia’s Rosen and Chu were part of the team that completed the $232 million sale of Pacific Ridge in San Diego.

Images via Google Street View

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.