A 144-unit workforce apartment community in San Diego has changed hands in a $30 million transaction, underscoring ongoing investor interest in larger multifamily assets in the market. Matthews arranged the sale of Creekside Villas, a garden-style property located at 220 47th St., and executed the deal on behalf of the seller. The transaction qualifies as one of the larger workforce housing trades in the area based on unit count and marks a notable closing for a buyer completing a 1031 exchange.
Executive vice presidents Stew Weston and Rosie Cooper of Matthews represented the seller in the disposition. According to the brokerage, this sale represents the fifth multifamily transaction of more than 100 units completed in San Diego over the past year, highlighting a steady pace of sizable apartment trades despite broader capital markets volatility. The buyer, an investor using 1031 exchange proceeds, faced a looming exchange deadline and moved quickly to secure and close on the asset.
Creekside Villas is positioned less than four miles from Downtown San Diego, offering residents proximity to the city’s core employment and services. The property is described as transit-adjacent, with direct access to the Orange Line as well as Interstate 805, providing connectivity across the region for residents who rely on both public transit and vehicular commuting. This location profile aligns the community with the needs of the local workforce seeking relatively affordable housing options within reach of major job centers.
Ownership has invested more than $2.5 million in capital improvements at Creekside Villas prior to the sale. While specific upgrades were not detailed, the capital program signals an effort to maintain and enhance the property’s competitive position in the workforce housing segment. The asset is also described as having additional upside potential through the possibility of accessory dwelling unit (ADU) development, which could offer future owners a path to gradually increase density and income, subject to approvals and feasibility.
The buyer’s 1031 exchange requirements added timing pressure to the transaction, but Matthews was able to bring the deal from contract execution to closing in 37 days. Weston noted that San Diego remains one of the more resilient multifamily markets nationally, particularly for well-located workforce housing, and said Creekside Villas offered a rare opportunity to obtain scale in a high-barrier-to-entry environment with room for long-term growth. The combination of an institutional-scale unit count, recent capital improvements, transit access and potential ADU upside helped support investor interest in the offering.
