July 11, 2013
OliverMcMillan Sells Trio of East Village M-F Properties for $142M
Commercial Property Executive
By Alex Girda, Associate Editor
OliverMcMillan has sold a trio of upscale multi-family properties in San Diego's East Village for a reported $142 million, according to the San Diego Union-Tribune. The buyers are three newly created entities: The Lofts at 655 Apartment Holdings L.L.C., The Lofts at 677 Apartment Holdings L.L.C., and The Lofts at 707 Apartment Holdings L.L.C. The transaction was arranged by Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE Group Inc.
Developed between 2006 and 2010, the three Lofts properties offer characteristically New York City-style residences. In all, the complexes comprise 460 units and about 23,000 square feet of retail space. The names derive from the distinctive platform loft floor plan created by OliverMcMillan.
The Lofts at 655 is located at 655 Sixth Ave. and features 106 units, along with architectural flourishes like floor-to-ceiling windows and a Manhattan-style lobby. Its amenity package includes a fitness center, business center and movie theater.
Located at 677 Seventh Ave., the Lofts at 677 is a Gold Nugget Merit Award-winning property that offers 157 loft-style residential units and two ground-floor dining spots.
The Lofts at 707 is located at 707 10th Avenue and offers 207 residential units with an amenity package similar to that of The Lofts at 655. Added features are a courtyard, fire pit, and outdoor seating.