25-Unit Apartment Complex in San Diego Sells for $14.5M
San Diego, Calif. (June 20, 2018) – 25 on Fifth, a 25-unit apartment complex located at 3265 5th Avenue in San Diego, California, has been purchased by Next Space Development Realty Inc., a residential and multifamily development company, for $14,500,000. The acquisition equity was provided by Pacifica Companies. Kidder Mathews’ multifamily brokers, Eric Comer, Jim Neil and Merrick Matricardi, represented the buyer in the transaction.
25 on Fifth is located in the Bankers Hill neighborhood, near Balboa Park. It was built in 2007 and initially developed by Mayfair, who lost the property to Bank of America in the 2008 recession.
“25 on Fifth was marketed with a previous firm for several months. After the listing expired, we were able to secure a buyer, with help from Dixie Hall of CBRE, and sold the property to Next Space Development, who plans to renovate the property and sell the units as condominiums,” said Comer. “It is one of the few multifamily properties in the Bankers Hill neighborhood with a final subdivision map for condominiums,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.