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6/22/18
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25 on Fifth, a 25-unit apartment complex in San Diego, was purchased by Next Space Development Realty Inc for $14.5 mil ($580k/unit). Acquisition equity for the deal was provided by Pacifica Companies.
25 on Fifth is located located at 3265 5th Ave, in the Bankers Hill neighborhood, near Balboa Park. It was built in 2007 and initially developed by Mayfair, who lost the property to Bank of America in the 2008 recession.
Eric Comer, Jim Neil and Merrick Matricardi with Kidder Mathews represented the buyer in the transaction.
“25 on Fifth was marketed with a previous firm for several months. After the listing expired, we were able to secure a buyer, with help from Dixie Hall of CBRE, and sold the property to Next Space Development, who plans to renovate the property and sell the units as condominiums,” said Comer. “It is one of the few multifamily properties in the Bankers Hill neighborhood with a final subdivision map for condominiums,” he added.
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