Northmarq’s Denver office completes acquisition financing of $43 million for EV Lofts in San Diego, California

DENVER, COLORADO (January 21, 2022) – David Link, senior managing director of Northmarq’s Denver-based regional office arranged acquisition financing of $43 million for EV Lofts. The 5-floor, 208-unit multifamily property (originally built in 2015) is located at 688 13th Street in San Diego, California. The transaction was structured through its correspondent relationship with a life insurance company. 

“It’s difficult to get control of high-quality apartment assets in San Diego. In the case of EV Lofts, Griffis Residential was able to transact at a discount to replacement cost on a deal they felt would offer opportunity to move rents and improve management,” said Link.    

Located in East Village, the largest neighborhood in downtown San Diego, the property offers residents a plethora of retail, restaurant, cultural and entertainment options all within a short distance. Residents are located just east of the Gaslamp Quarter and southeast of historic Cortez Hill, which is renowned for hosting Petco Park, home of the San Diego Padres. Balboa Park also borders the neighborhood. Three institutions of higher learning are within 1.2 miles of the property including San Diego City College, Thomas Jefferson School of Law, and California Western School of Law. Travelling and commuting is eased thanks to the closeness of five commuter rails, two airports (San Diego International and McClellan-Palomar), as well as easy accessibility on foot to numerous centers of employment. Three shopping centers and five recreational parks/centers are less than two miles away. 

Community amenities include: Community-wide WiFi, laundry facilities, controlled access, on-site retail, hearing impaired accessible, trash pickup (door-to-door), recycling, renters insurance program, dry cleaning service, online services, planned social activities, pet play area, car changing station, lounge, multi-use room, fitness center, roof terrace and grill. Apartment amenities include: High-speed internet access, in-unit washer/dryer, air conditioning, heating, cable ready, security system, storage units, double vanities, handrails, sprinkler system.  

The acquisition comes in the context of a strong finish to the third and fourth quarter in the San Diego multifamily market. Northmarq’s Q3 Market Report documented that despite a minimal vacancy increase, apartment operating conditions improved in San Diego during the third quarter. Rent growth recorded its strongest quarter on record, and the annual pace of rent increase reached its highest total in approximately 20 years. Continued recovery in the local labor market supported renter demand in Q4 as well. The overall San Diego market has also been insulated from the past year’s volatility that hit many other major California markets. Read our San Diego market overview.