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7/26/21
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A Sares Regis Group affiliate purchased LIT Cortez Hill (formerly known as AVA Cortez Hill), a 299-unit, high-rise apartment property located at 1399 9th Ave in downtown San Diego, CA. The deal was financed with a $76 mil senior loan provided by PCCP LLC to be used for the acquisition and renovation of the property. The seller was AvalonBay.
Built in 1973, the property is situated on a 1.38-acre site in the Cortez Hill neighborhood. The 15-story property includes 1.7k sf of ground-level retail with a unit mix consisting of 97 studios, 117 one-bedroom units and 85 two-bedroom units.
All of the units have private patios or balconies, with the corner units having two balconies. There are nine distinct floorplans ranging from 570 sf to 1.1k sf and an average unit size of 771 sf.
The asset is the most amenitized rental option for high-rise product in Cortez Hill, with the biggest differentiator being its 30k-plus sf of outdoor amenity space with full-size basketball and tennis courts and resort-style pool and spa. The indoor amenities include a fitness center, resident lounge, 13 laundry rooms, and a ground-floor market.
LIT Cortez Hill offers desirable views of San Diego Bay from several units and has direct access to the 163 Fwy onramp which places residents within 20 minutes of San Diego’s most prominent job centers, including UTC, Kearny Mesa, and Mission Valley. Additionally, residents are within walking distance of the Downtown Civic Core employment node, a variety of retail, dining, and entertainment options, and San Diego City College, Thomas Jefferson Law School and California Western Law School.
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