Lofts Wooing Investors
July 10, 2013
Lofts Wooing Investors
Bisnow San Diego

In one of SoCal's largest multifamily transactions over the past few years, OliverMcMillan's The Lofts Portfolio in the East Village has traded. The deal involved a fairly complex loan assumption, according to CBRE SVP Kevin Mulhern, who repped seller OliverMcMillanFoster with colleagues Rachel Parsons and Dixie Hall. An institutional investor snagged the 460-unit portfolio, but Kevin tells us the deal was pursued by suitors ranging from partnerships and high-net-worth private investors to foreign buyers and REITs. (Not since Pippa Middleton first appeared has there been such a wide range of suitors stepping forward.) He says that the modern, urban, transit- and Gen Y-oriented properties are "pretty much in the bull's-eye" of what multifamily investors are looking for. The properties include 23k SF of ground-floor retail, including an outlet of the trendy burger joint The Counter in the 106-unit The Lofts at 655 (above). The 106-unit property (Sixth Avenue and G Street) also boasts ACE, Downtown's only hardware store. (Perfect for after a burger when you need to unhinge the door to fit back inside.) OliverMcMillan developed the properties, which also include the 147-unit The Lofts at 677, between 2006 and 2010. The aggregate occupancy is in the mid-90% range, Kevin says

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