SAN DIEGO, Calif., October 4, 2021 – Cushman & Wakefield has advised the sale of an approximately 1.08-acre residential development site in San Diego, California for $20.5 million. The buyer was SRM Hillcrest, LLC, which plans to develop a brand new Class A multifamily apartment community on the property.
Located at 770 Washington St at 8th Ave, the property is situated on a major transit corridor in the heart of San Diego’s Hillcrest neighborhood of the Uptown community. The existing two-story office building and structured parking on the site will be demolished.
Kevin Nolen, Tim Winslow and Jason Kimmel with Cushman & Wakefield represented the seller in the transaction.
“One of San Diego’s most popular communities, Hillcrest is a welcoming area for young professionals, with neighborhood charm and excellent walkability offering the ideal uptown lifestyle of live-work-play,” said Kevin Nolen. “This is a prime site ready for residential redevelopment to accommodate the growing workforce and add Class A stock to a shortage of housing supply in the area.”
Nolen continued, “Additionally, this sale demonstrates how the greater San Diego market and Hillcrest in particular continues to see demand from developers wanting to build new housing in the city and shines a brighter spotlight on the strength of the recovery in San Diego.”
The property is located right off State Route 163, easily walkable to several retail, shopping and dining amenities within a few blocks, and less than a mile of all major employers in Hillcrest. The location is also near downtown San Diego.