Berkadia Negotiates Sale of Multifamily Property in San Diego, California
SAN DIEGO, CA – September 25, 2023 – Berkadia announced today the sale of The Q, a 29-unit, mixed-use property in San Diego, California. Managing Directors Ed Rosen and John Chu and Senior Director Tyler Sinks of Berkadia San Diego led the transaction on behalf of the seller, renowned architect and developer, Jonathan Segal. The buyer was The Q Lofts Owner LLC and the deal closed on September 20.
“Newer constructed assets in high barrier to entry markets, like San Diego, still command very aggressive pricing due to the limited amount of supply,” said Rosen.
Located in the heart of San Diego’s Little Italy, The Q is a seven-story mixed-use building featuring 29 contemporary studio, one- and two-bedroom residential units, a 7,000 square-foot penthouse, and 9,000+ square feet of commercial space. The 29 apartments feature high performance floor-to-ceiling glass that provide incredible views to downtown San Diego and the bay. Commercial tenants include some of San Diego’s top dining establishments – Underbelly, Monello, Bencotto, and Influx coffee shop. At one corner of the building, Segal integrated Little Italy’s oldest home, the 1888 A.W. Pray House, a Gothic Victorian, which he relocated from the lot’s western to eastern side. Newly restored, it’s now a charming wine bar known as M Winehouse. The property was 100 percent occupied at the time of the sale.
Segal, widely recognized as one of California’s most accomplished residential architects and developers, has received numerous awards, including 40 local, state, and national AIA awards for residential and urban design. His buildings are renowned for their modern, unique, and sleek designs. Segal skillfully integrates Type-I construction elements, seamlessly incorporating concrete, glass, and steel. His profound grasp of space, light, and texture enables him to capture the architectural aesthetic of contemporary lifestyle renters, making Segal’s developments truly one-of-a-kind.