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11/15/24
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Market Street Village Apartments, a 229-unit residential community in East Village, the fastest-growing neighborhood in Downtown San Diego, sold for $82.2 mil, or $359k/unit. The asset was sold by Equity Residential.
Located at 699 14th St, Market Street Village Apartments offers market-rate and affordable units with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry, and vinyl flooring. Many units also feature sweeping ocean views.
The community boasts extensive amenities, including a state-of-the-art fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces, and a clubhouse complete with a pool and spa. The ground floor features retail tenants, anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks.
Positioned in the heart of Downtown San Diego, the property is less than a mile from Petco Park, the San Diego Convention Center, and the historic Gaslamp Quarter. Directly across the street, the upcoming East Village Green development is scheduled for 2025 completion. It will offer residents a 3.6-acre park bringing additional amenities, including a 14.2k sf community center, a playground, dog parks, and public art installations.
With excellent transit connectivity, including three trolley lines at the nearby 12th & Imperial Transit Center, multiple bus stops, and proximity to the I-5 and Highway 94, Market Street Village is ideally located for regional travel. San Diego International Airport is conveniently located 4 miles from the property.
Colliers Vice Chair Kitty Wallace and Senior Associate Anna Kampling represented both parties in the transaction, which closed at a 4.5% cap rate.
San Diego’s strong market fundamentals continue to attract investors with a 24.3% rent growth over the past five years, diversified employment, and 30,000 new jobs added in 2023 alone. The absence of rent control, robust market rents, and steady population growth make San Diego one of the most dynamic rental markets in the country.
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