Colliers recently facilitated the sale of Market Street Village Apartments, a 229-unit community in downtown San Diego’s East Village, for $82.2 million. The private buyer and seller, Equity Residential, were represented by Colliers’ vice chair Kitty Wallace and senior associate Anna Kampling. The transaction closed at a 4.5% cap rate.
According to Wallace, this sale aligns with the buyer’s goal of providing affordable housing options for workforce residents in San Diego where housing costs are high and rents are among the highest in the country.
Wallace also noted that Equity Residential played a crucial role in making this transaction possible by working with a new-to-market buyer who had proven their ability to close deals successfully.
Located at 699 14th St., Market Street Village Apartments offers both market-rate and affordable units to meet local demand for quality housing options.
The post on Connect CRE announced that Colliers has successfully brokered the sale of Market Street Village Apartments located in downtown San Diego’s East Village neighborhood for $82.2 million dollars.The deal was facilitated by Collier’s Vice Chair Kitty Wallace along with Senior Associate Anna Kampling representing both parties involved; private buyer as well as seller Equity Residential.The final agreement was reached at an impressive cap rate of just over four percent (4%).
Wallace stated that this particular acquisition is part of their client’s mission to expand accessibly priced homes within reach specifically targeting workforce residents whose needs have been largely overlooked despite being one amongst many critical issues plaguing current real estate landscape within city limits.She further elaborated how average resident would need nearly two hundred thousand dollars annually just afford median-priced home while rental rates remain fifth highest per capita across entire United States.Wallace concluded her statement highlighting how instrumental it was having cooperation from sellers like Equity Residentials who demonstrated willingness work alongside fresh faces entering market scene but already proving themselves capable enough closing deals effectively when given opportunity.Market Street Village Apartments, situated at 699 14th St., offers both affordable and market-rate units to cater to diverse housing needs of the local community.
