IRVINE, Calif. – November 5, 2021 – Berkadia Institutional Solutions announced today the sale of 4th + J, a brand-new luxury multifamily asset located in the Marina District in downtown San Diego, California. Managing Director Rachel Parsons and Senior Directors Derrek Ostrzyzek and Mike Murphy of Berkadia Irvine completed the sale on behalf of the seller, a partnership between Legacy Partners and The Resmark Companies. The buyer was Versity Investments, LLC., a real estate investment company based in California. The deal closed on October 28.
“4th + J represented a highly contested offering with significant interest from the investment community,” said Parsons. “There has not been a multifamily asset that has traded in the Marina in over 15 years. While benefiting from the Marina address, 4th + J is just one block west of the Gaslamp District, downtown’s entertainment capital as well as being across from the San Diego Convention Center. Additionally, this is the only Class A rental community within a short walking distance to The Campus at Horton Plaza, Seaport Village and the under-development Research and Development District (RaDD) – which places 4th + J in the heart of downtown’s employment growth.”
Developed in 2020, 4th + J is located at 372 4th Ave. and consists of 168-luxury apartment homes and 1,156 square feet of retail, currently occupied by Achilles Coffee. The property features contemporary architecture and high-end interior finishes. Community amenities include two entertainment sky decks with city views, a swimming pool and spa, a fitness center, a resident lounge and a game room. With a Walk Score of 97, the property is within five blocks of several award-winning restaurants, two grocery stores, two Trolley stations and popular museums, as well as the city’s Embarcadero.