San Diego Community Sells for $70M
- Sep 21, 2020
An affiliate of R&V Management has acquired AV8, a 129-unit community in San Diego. According to public records, Cityview sold the asset for $70.1 million. CBRE arranged a 10-year, $43 million acquisition loan through Cigna.
Built in 2018, the community comprises studio, one- and two-bedroom units as well as penthouses. Common-area amenities include rooftop cabanas, a clubroom, a pool table and a fitness center. The six-story building also has approximately 7,800 square feet of retail space and subterranean parking. The property is LEED Platinum certified.
Located at 2175 Kettner Blvd., in the Little Italy neighborhood, the asset is just off Interstate 5. AV8 is within 1 mile of San Diego International Airport and the city’s downtown.
CBRE’s financing team included Executive Vice Presidents Bill Chiles and Scott Peterson, along with Vice President Brian Cruz. Last year, Chiles and Peterson secured $48.2 million from CIT Bank for Tower 16 Capital Partners’ $63 million purchase of a 352-unit Inland Empire asset.