July 10, 2013
460-Unit Res/Retail Property Collection in Downtown San Diego Trades
The Lofts Portfolio in the East Village neighborhood of downtown San Diego has been sold. The three-property portfolio includes a total of 460 residential units and approximately 23k sf of ground floor retail space. The price was not disclosed. The Lofts Portfolio consists of three high-end mixed-use communities developed by OliverMcMillan between 2006 and 2010. Each property is distinguished by architectural design and a unique platform loft floor plan devised by OliverMcMillan. The Lofts at 655 is located at Sixth Ave and G St at the edge of downtown San Diego�s Gaslamp Quarter. The Lofts at 655 has 106 residential units and features a Manhattan-inspired lobby, floor-to-ceiling windows in all floor plans offering panoramic skyline views, two outdoor socializing decks, a fitness center, business center and movie theatre. First floor retailers include gourmet burger restaurant and bar The Counter and downtown�s only hardware store, ACE Hardware. Located at Seventh Ave and G St, The Lofts at 677 has 147 loft living spaces and two ground floor restaurants including the gastropub Neighborhood and Zanzibar Caf�. The property received the Gold Nugget Merit Award for Best Attached Urban Residential Project of the Year at the 2007 Pacific Coast Builders Conference. The Lofts at 707 is located at Tenth Ave and G St and includes 207 residential units. The property is highly amenitized with a rooftop deck offering panoramic downtown skyline views, an inviting courtyard with a fire pit and outdoor seating, a movie theatre, fitness center, and business center. Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE arranged the sale on behalf the seller, OliverMcMillanFoster LLC. Each asset was purchased as a separate entity by The Lofts at 655 Apartment Holdings LLC, The Lofts at 677 Apartment Holdings LLC and The Lofts at 707 Apartment Holdings LLC, respectively.
Link to original article here.