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9/21/20
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An affiliate of San Diego-based R&V Management has acquired AV8, a 129-unit multifamily property in the city’s Little Italy neighborhood. The purchase was financed with a loan of $43 mil.
Located at 2175 Kettner, AV8 was originally constructed in 2018 and was approximately 96% occupied at the time of sale. Community amenities include rooftop cabanas, an indoor/outdoor clubroom with televisions, a pool table and a 24-hour fitness center. The six-story building features nearly 7.8k sf of ground floor retail space.
The building is within one mile of Downtown San Diego, as well as the San Diego International Airport. The site is also two blocks from the I-5 Fwy and across from Kilroy’s new 2100 Kettner, a 225k sf, Class A mixed-use office development.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s Capital Markets’ Debt & Structured Finance team arranged the 10-year loan on behalf of the buying entity, AV8 Investors LLC. The loan was funded through a major life insurance company.
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