IRVINE, Calif. – January 21, 2022 – Berkadia Institutional Solutions announced today the sale of Entrada, a multifamily housing property located in the East Village neighborhood of downtown San Diego, California. Managing Director Rachel Parsons of Berkadia Irvine Investment Sales completed the $60.25 million sale on behalf of the seller, a joint venture between IDEAL Capital Group and Pacific Urban Investors. The deal closed in December 2021.
“Entrada represented an opportunity to acquire a recently renovated boutique luxury asset in Downtown, San Diego’s entertainment capital,” said Parsons. “Investors continue to be drawn to San Diego County multifamily investments due the market’s outperformance during the pandemic, accelerated growth story as well its highly compelling innovation economy, fueled by life sciences.”
Developed in 2004, Entrada is located at 453 13th Street and consists of 172-luxury apartment homes. The property had recently been renovated and features a state-of-the-art rooftop amenity deck with fire features, built in barbecues and numerous seating areas, as well as a landscaped central courtyard, a brand-new contemporary resident clubhouse and fully equipped fitness center. Apartment homes feature nine-foot ceilings, full-size washers and dryers and San Diego Bay and downtown skyline views from upper floors and the roof top deck. With a Walk Score of 98, residents are afforded convenient access to PETCO Park, the San Diego Bay and the world-renowned Gaslamp District.
“We are proud to have contributed to the dynamic and growing East Village neighborhood by repositioning Entrada into a premier living community,” said Kevin Conway, Managing Director of IDEAL Capital Group.