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Exotic Gardens Sold

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BERKADIA NEGOTIATES $10,700,000 MULTIFAMILY SALE IN SAN DIEGO

 

SAN DIEGO, CA. – February 22nd, 2018 – Berkadia is pleased to announce the sale of Exotic Gardens, a 21-unit apartment community located at 4319 Mississippi Street in San Diego, CA. Tyler Sinks and Ed Rosen of the San Diego office facilitated the transaction for Boardwalk Development, Inc. The buyer was Jefferson Square, LLC. Exotic Gardens sold for $10,700,000, representing a record-setting price for the area at over $500,000 per unit and over $700 per square foot. The building was 76% leased at the time of sale.

 

Built in 2017, Exotic Gardens features spacious one- and two-bedroom floor plans ranging from 586 to 985 SF. Each unit features 12’ or 18’ ceilings, quartz countertops, LED lighting, custom cabinetry, and a washer / dryer. Select units feature 9’ x 10’ tall roll-up doors and a spacious patio / balcony. Community amenities include an outdoor fire pit, on-site storage, covered parking, and bike racks.

 

“This transaction validates that investor demand for newly constructed, well-located assets remains strong. The sale of Exotic Gardens sets a new high watermark for the “Mid-City” area.” – Tyler Sinks, Director.

 

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, 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.

 

To learn more about Berkadia, please visit www.berkadia.com.

 

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