IRVINE, Calif. –– Berkadia Institutional Solutions announced today the sale of The Warwick, an 80-unit multifamily property located in the Hillcrest submarket of San Diego, California. Rachel Parsons, Ed Rosen, John Chu, and Tyler Sinks completed the $37.375 million sale on behalf of the seller, SENTRE, and the buyer, Spectrum Partners.
“The Warwick is an award-winning boutique apartment community that was redeveloped from a preexisting hotel,” said Parsons. “SENTRE did a phenomenal job transforming the asset into a best-in-class community, which was recently ranked #1 in San Diego by the Union Tribune Readers Poll.”
Situated at 606 Washington Street and boasting a walk score of 92, The Warwick is located in the heart of San Diego’s renowned Hillcrest neighborhood. Featuring highly acclaimed restaurants, energetic nightlife and one-of-a-kind street fairs and special events, the neighborhood, located just north of the famed Balboa Park and Downtown San Diego, is one of the most desired locations amongst millennials and young professionals living in San Diego. Additionally, The Warwick is situated adjacent to two prominent healthcare campuses, Scripps Health and UCSD – which have billions in redevelopment projects planned and/or underway that will continue to bolster the immediate area.
The Warwick features efficient studio, one-bedroom and two-bedroom floor plans with private terraces. The property also offers luxurious amenities often only seen in much larger communities, including but not limited to, a resort-style pool and sun deck with cabanas, curated fitness center, technology-enable package lockers and programmable LATCH door locks.
“The Warwick’s unique floor plans and resort lifestyle design caters to the broader demand for boutique high-end apartment communities in trendy urban areas like Hillcrest,” said Parsons.
Founded in 1989, SENTRE is a vertically integrated real estate investment firm headquartered in San Diego with extensive experience in office, industrial, retail and multi-family properties. SENTRE has acquired, developed and/or operated projects throughout the West Coast totaling more than 10 million square feet and $4B in transactional volume. In addition, SENTRE co-founded Vesta, a publicly traded industrial real estate company operating in Mexico with a portfolio of over 30 million square feet valued in excess of $2 billion.
Berkadia Institutional Solutions
Berkadia Institutional Solutions brings together industry-leading institutional expertise with a comprehensive integrated, full-service platform to redefine commercial real estate for institutional investors. With strong national leadership and a robust regional presence, Berkadia Institutional Solutions has a singular focus on the needs and challenges of the institutional investor, acting as a trusted partner and advisor to provide clients with the best opportunities and solutions to suit their long-term investment goals in an ever-changing capital markets landscape.
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.