Next Space Development Sells 36-Unit Apartment Building in San Diego for $30MM

Next Space Development, City Chevrolet of San Diego, San Diego, Nimitz Crossing, Point Loma

SAN DIEGO –– Berkadia announced today the sale of Nimitz Crossing, a 36-unit multifamily property located in San Diego, California. Senior Director Tyler Sinks and Managing Directors John Chu and Edward Rosen of Berkadia San Diego completed the $30 million ($833,333 per unit) sale on behalf of the seller, California-based Next Space Development. The buyer, also based in California, was City Chevrolet of San Diego and was represented by Jaimie Takajo Herrera and Drew Christopher of Cali Realty Investments. The deal closed on June 6.

“The sale of Nimitz Crossing represents one of the highest price per unit apartment sales in San Diego history,” said Sinks. “The buyer recognized the rarity of the opportunity to acquire a brand-new, well-built asset in one of Southern California’s most desirable neighborhoods, Point Loma.”

Located at 3903 Voltaire St., Nimitz Crossing features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a courtyard lounge. Residents are afforded convenient access to San Diego International Airport, Point Loma Nazarene University and the shops and restaurants near Nimitz Boulevard.