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10/16/25
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A partnership between Bridge Investment Group and Ethos Real Estate acquired Palmilla, a 203-unit apartment community in central San Diego. The garden-style community is located at 5474 Reservoir Dr, in San Diego’s College area, just one mile from San Diego State University.
The property is contiguous to the East Campus Medical Center at UC San Diego Health and within a block of the UCSD Health East Station for the Trolley’s green line.
The six-building community offers a mix of studio, one- and two-bedroom floor plans. Amenities include two swimming pools, a tennis court, a sauna, two fitness facilities, two on-site laundry facilities, and a picnic area with barbecue.
CBRE's Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller, 29th Street Capital, in the transaction. Jesse Weber and Scott Peterson of CBRE Debt & Structured Finance arranged the financing on the sale.
“Built in 1965, 54% of the apartments remain in ‘classic’ condition, providing a compelling opportunity to enhance interiors and drive rental rates,” said Parsons. “Palmilla’s proximity to major employment centers, educational institutions, and healthcare facilities makes it a desirable option for residents, ensuring continued demand and long-term investment potential."
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