SAN DIEGO – February 22, 2019 – Berkadia is pleased to announce two record setting multifamily sales: Kensington Commons and Charlee Lofts. Both transactions represent the highest price-per-unit sales in their respective submarkets. Associate Director Tyler Sinks and Managing Directors Ed Rosen and John Chu, all of Berkadia’s San Diego office, completed the sales on behalf of the respective sellers. Berkadia’s proprietary database of 1031 exchange buyers also aided in facilitating these record-setting transactions.
The sale of Kensington Commons represents one of the highest price-per-unit transactions in San Diego County with a total sales price of $22.65 million for the 34-unit property. Designed by award-winning architecture firm, Allard Jansen Architecture & Development, Kensington Commons is a newly constructed, mixed-use property complete with condominium-quality interior finishes and boutique retail on the ground floor. The sale was subject to the buyer assuming the existing financing.
Charlee Lofts’ superior North Park location in San Diego, high-quality construction and desirable mix of units attracted significant attention from both local and regional buyers. The sale of Charlee Lofts represents one of the highest prices ever paid in North Park at over $500,000 per unit. The only other sale over $500,000 per unit in the area was the Exotic Gardens Apartments on Mississippi Street, which was also facilitated by Berkadia in 2018.