SAN DIEGO—Greystar has purchased Ballpark Village Parcel C2, a development site that is part of a larger master-planned development located in downtown San Diego. The site is slated for a 37-story, 446-unit multifamily tower that will stand 400 feet.
The deal was announced Wednesday by JLL's Capital Markets experts on behalf of JMI and Lennar. JLL notes that a constrained development pipeline paired with strong job growth has investors confident in San Diego's multifamily prospects.
Executive vice president Darcy Miramontes, managing directors Lynn LaChapelle and Bob Prendergast, and vice president Kip Malo represented JMI and Lennar in the transaction.
“This development is an indication of the strength of San Diego's multifamily market as job growth, along with population growth, continues its upward climb,” said Miramontes. “Its location will offer residents a true 'live, work, play' environment since it's located near the area's top employers, vibrant restaurants and entertainment options.”
Added LaChapelle, “JMI has been working to get this project off the ground for more than a decade. Their collaboration with city leaders and community groups is a testament to hard work, dedication and a vision for the future.”
The multifamily asset will offer views of the Pacific Ocean, San Diego Bay, Coronado Island and bridge, Balboa Park, Point Loma and the Downtown skyline. Community amenities include a rooftop pool, clubhouse, spa, fire pit, and barbecue area. The property will also feature a three level parking garage and 24,000 square feet of retail space.
Ballpark Village Parcel C2 is part of a master-planned development in the Ballpark District and will be part of the Ballpark Village, a six-building, mixed-use project located adjacent to Petco Park.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
