Greystar Real Estate Partners Sells 208 Units in San Diego

Greystar Real Estate Partners has sold EV Lofts, a 208-unit class-A apartment community in Downtown San Diego, to Griffis Residential. The building is located in the trendy and highly desirable East Village neighborhood, generating a high-level of investor interest. The sales price was not disclosed.

EV Lofts is an affordable apartment living community in the East Village with rents an average of 30% lower than the surrounding high-rise residential towers. It was built in 2015 and features a rooftop deck, resident lounge, fitness center and a dog park; plus, it is powered by the Alfred resident tech platform. It is also located near a transit station, providing access to several employment hubs in Westfield UTC, La Jolla, Sorrento Valley, Kearny Mesa, and Mission Valley.

San Diego’s apartment market was active last year, after sales came to an abrupt standstill during the pandemic. From March 2020 to June 2020, there were no apartment transactions in the market. However, investors quickly changed their tune in 2021 with several major deals. In May, Blackstone became one of the largest apartment owners in San Diego when it purchased a 66-property apartment portfolio from Conrad Prebys Foundation for $1 billion. The deal was the largest transaction in San Diego history. Blackstone purchased the assets in partnership with TruAmerica Multifamily.

The activity continued through the year. In August, for example, West Residential acquired The Capella at Rancho del Oro in Oceanside from FPA Multifamily for $110 million, making it the highest priced apartment transaction in the city. The property has 284 units and it was constructed in 2021.

Walker & Dunlop brokers Hunter Combs, Blake Rogers, Javier Rivera and Alexandra Caniglia represented Greystar Real Estate Partners in the sale. The brokerage firm also had an active year, completing $5.2 billion in property sales volume in the third quarter of 2021 alone, up 373% from the same period in 2020.