SAN DIEGO – Berkadia Institutional Solutions announced today the sale of Ollie North Park Lofts, a brand-new luxury multifamily community located in the North Park neighborhood in San Diego, California. Senior Director Tyler Sinks and Managing Directors Ed Rosen and John Chu of Berkadia’s San Diego office completed the $27.5 million sale on behalf of the seller, California-based Alliance Development Services, Inc. The buyer was California-based Cameron Brothers Construction LP, and the deal closed on September 7.
“The sale of Ollie North Park Lofts speaks to the continued demand for well-located apartment assets in the face of economic uncertainty,” said Sinks. “The buyer acknowledged the unique opportunity to purchase a core asset in a strong rental submarket. The North Park neighborhood has and will continue to have some of the strongest demographic and rental trends in the County, and the buyer placed a bet that those trends would continue.”
Completed in 2022, Ollie North Park Lofts consists of state-of-the-art construction and features top-of-the-line condo quality interiors. Unit luxuries include brand-new energy efficient stainless-steel appliances, quartz countertops, sleek wood cabinetry, modern backsplashes, large windows, vinyl wood plank flooring and private balconies that create an indoor-outdoor living space in select units. Community amenities include an open-air deck with barbecues and firepit, a clubroom with sliding doors that open out to the deck, a media center and a conference area.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.