IDEA1 in San Diego Trades Hands for $106M

A joint venture between Lowe and LaSalle Investment Management has sold IDEA1, a 295-unit apartment complex in San Diego, to Fairfield for $106 million. Built in 2017 by Lowe, the property is located in the East Village of Downtown San Diego.

Lowe built the property as a live-work-play environment with an onsite business center, co-working space and conference room. The property also features a rooftop clubroom, a sundeck with outdoor barbecues and firepits, a rooftop spa, a 24-hour fitness center, the HUB flexible event space, on-site restaurants and an art gallery as part of the amenity package. The residential units come in a mix of studios, one- and two-bedroom units and feature 12-foot ceilings, dual-pane vinyl windows, full-size washers and dryers, stainless steel appliances, quartz countertops.

The property is centrally located near Mission Valley, Kearney Mesa, UTC and Sorrento Mesa, all strong job centers. It is located only a five-minute drive from the I-5 and I-163. The JLL Capital Markets Sales and Advisory team represented the seller in the deal, led by managing director Darcy Miramontes and director Kip Malo.

San Diego has been a hotspot for apartment investment. This year, for example, Titan Development, Malick Infill Development and Thornburg Real Estate Ventures formed a joint venture to develop a 94-unit boutique apartment community in San Diego. The project—a 53,805-square-foot property is located on the corner of El Cajon Boulevard and Oregon Street in North Park near the North Park Water Tower and Community Park, which has tennis courts, soccer fields, a softball field, basketball courts, and picnic areas for residents and other members of the community—marks Titan’s foray into the market.

Also this year, 29th Street Capital acquired Sunterra Apartments from Ideal Capital Group for $97.5 million. The acquisition marks the firm’s fourth purchase in the Southern California. Haven Residential, 29SC’s in-house property management company, will handle management and leasing. Located in Oceanside, a city in the greater San Diego market, Sunterra Apartments is a class-B property with 240 units and a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center.