Broe Real Estate Group, the real estate affiliate of Colorado-based investment firm The Broe Group, has made its first multifamily acquisition in Southern California with the purchase of 525 Olive in San Diego. The all-cash transaction brings the firm into the San Diego rental market through a recently delivered luxury high-rise located next to Balboa Park.
The 20-story, 204-unit apartment tower was completed in August 2022 and was valued at approximately $100 million at the time it was delivered, according to the seller’s prior information. While the current purchase price was not disclosed, the deal structure was described as all cash and was completed on an expedited 60-day timeline.
Walker & Dunlop advised on the sale, with Hunter Combs of the firm providing guidance on the transaction. The involvement of an institutional intermediary underscores the profile of 525 Olive as a core multifamily asset within the local market.
Broe Real Estate Group describes 525 Olive as San Diego’s premier luxury living community, situated in what it characterizes as the city’s most desirable submarket adjacent to Balboa Park. The property offers high-rise apartment living directly along one of San Diego’s signature recreational and cultural amenities, positioning it competitively within the luxury rental segment.
Milan Gutesha, senior vice president of investments at Broe Real Estate Group, cited San Diego’s economic and demographic fundamentals as a key factor in the firm’s decision to enter the market. He pointed to the region’s dynamic economy, high-quality workforce, and overall quality of life as drivers that elevated San Diego as a priority within the company’s multifamily growth strategy.
The acquisition expands The Broe Group’s existing footprint in California, where it already holds rail and real estate assets, by adding a multifamily component in Southern California. The firm indicated that securing 525 Olive aligns with a broader plan to pursue additional multifamily opportunities in the San Diego area.
By targeting a recently delivered luxury tower in a central location, Broe Real Estate Group is using 525 Olive as a platform investment for further regional expansion. The transaction highlights continued investor interest in newer, high-end apartment communities in supply-constrained coastal markets, even in cases where specific pricing details are not disclosed.
