TGP Ventures Acquires Two Multifamily Properties in San Diego for $4.2MM

CBRE, San Diego, University Heights, Normal Heights, TGP Ventures

San Diego – November 15th, 2021 – CBRE announced the sale of two multifamily properties in the San Diego neighborhoods of University Heights and Normal Heights for the combined price of $4.2 million.

CBRE’s John Newton represented the seller, a private local investor, who executed a 1031 exchange and purchased a multifamily property in Denver. The buyer, San Diego-based investment firm TGP Ventures, was represented by an outside firm.

Located at 4059 Louisiana Street in University Heights, the six-unit community was originally constructed in 1987. The two-story building is comprised of all two-bedroom units. The site is walking distance to many of the area’s most popular dining, retail and entertainment options.

Located in Normal Heights at 4539 36th Street, the two-story building was originally constructed in 1976. The seven-unit community features six one-bedroom apartments and one three-bedroom apartment. The property is within one mile of both I-15 and I-805, connecting the area to the rest of San Diego.

“Many private owners in California are considering trading into new markets as the regulatory environment in the state continues to change,” said Mr. Newton. “CBRE’s platform and multifamily teams in both San Diego and Denver delivered market intelligence to position our client for an exchange out of state.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.