Spectrum Partners Pays $37M for San Diego Asset

Prior to its redevelopment in 2017, the property served as a hotel.

The Warwick

SENTRE has sold The Warwick, an 80-unit community in San Diego’s Hillcrest neighborhood. Spectrum Partners paid $37.4 million for the property, in a deal brokered by Berkadia Institutional Solutions.

The building formerly served as a hotel and went through a residential redevelopment in 2017. The Warwick encompasses studio, one- and two-bedroom floorplans, with sizes ranging between 432 and 844 square feet, according to Yardi Matrix data. Some units also feature private terraces. Common-area amenities include a fitness center, a clubhouse, a business center, a swimming pool and laundry facilities, as well as 96 parking spaces.

Located at 606 Washington St., right off Cabrillo Freeway, the community is adjacent to the Scripps Mercy and UCSD medical campuses. The site offers access to interstates 5 and 8, placing it 3 miles from downtown San Diego and the San Diego International Airport. The surrounding area offers various dining, nightlife and entertainment options.

The Berkadia team arranging the transaction for both parties included Senior Managing Directors Rachel Parsons and Tyler Sinks, along with Managing Directors Ed Rosen and John Chu. In prepared remarks, Parsons complimented SENTRE’s award-winning repurposing of the property, mentioning the strong demand for boutique communities in urban areas, such as Hillcrest. Earlier this year, Berkadia also brokered the sale of a 172-unit asset in metro San Diego.

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