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5/20/21
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Fairfield Residential Closed on a San Diego res buy, paying $45.3 mil for Il Palazzo, a 108-unit ($419.4k/unit) multi-housing community located in the heart of the city’s Little Italy area. The purchase was facilitated with a $27 mil acquisition loan.
Originally built in 2004, the five-story, mid-rise property totals 77.7k sf, includes studio, one- and two-bedroom units and offers a rare opportunity for the buyer to acquire a unique asset with value-add opportunity in the heart of an extremely sought-after neighborhood in San Diego. Currently, select apartments include designer kitchens and baths, granite countertops, in-home washers and dryers, patios and balconies and stainless-steel appliances. Community amenities include barbecue and fire pits, sundeck terrace and a fitness center.
Boasting a Walk Score© of 92, Il Palazzo is located at 2040 Columbia St, also bounded by Grape St, India St and Hawthorne St, offering unparalleled access to Downtown San Diego and the various shops, dining and entertainment within the Little Italy neighborhood. Moreover, San Diego’s booming employment scene will help drive fundamentals for ownership. San Diego is the third largest life science hub in the nation and #1 city for expected tech hiring growth in the U.S.
Darcy Miramontes, Sean Deasy and Kip Malo with JLL Capital Markets represented the seller, The Picerne Group. The 10-year, 2.84%-rate acquisition financing was arranged by JLL’s Aldon Cole and Jamie Kline.
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