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1/17/17
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SENTRE has acquired an 80-room hotel in San Diego’s Hillcrest area for $19.5 mil ($245k/unit), with plans to convert the property into luxury apartments. Originally built in 1986 as an 81-unit apartment community, the property, located at 606 Washington St, has been operating as the Sommerset Suites Hotel for the past 20 years.
“With San Diegans increasingly searching for high quality, amenity-rich, and centrally located places to live, we saw an opportunity to return the property to its original apartment use, creating a perfect addition to our growing “SENTRE Living” portfolio”, says Doug Arthur, SENTRE President & CEO.
Located at the crossroads of Hillcrest’s major axes, SENTRE will rebrand the property as “The Whitson”, paying homage to William Wesley Whitson, the 1908 founder of the Hillcrest Company, the principal developer of the Hillcrest neighborhood.
With local architecture firm Carrier Johnson + CULTURE leading the design effort, SENTRE plans on investing over $3 mil in the asset to create a reimagined indoor-outdoor social lounge, hotel-style pool and sun deck, new state-of-the-art onsite fitness center, and luxuriously reappointed unit interiors. The Whitson will provide Hillcrest residents with an upscale, boutique living experience offering modern amenities with a vintage flair.
The purchase reflects SENTRE’s seventh San Diego multi-family acquisition in the past five years, and third in the downtown San Diego area. In 2014, SENTRE acquired the 90-unit The Barcelona in Bankers Hill, which is currently undergoing a comprehensive renovation of both unit interiors and amenity spaces.
HFF represented both the buyer and seller in the transaction. Cannon Constructors and B&G Consultants will be spearheading the construction efforts.
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