Colliers arranged the $82.2-million sale of Market Street Village Apartments, a 229-unit community in downtown San Diego’s East Village. Represented by Colliers vice chair Kitty Wallace and senior associate Anna Kampling, the private buyer and the seller, Equity Residential, closed the transaction at a 4.5% cap rate.
“This transaction supports the buyer’s mission to provide and expand affordable housing options for workforce residents meeting a critical need in San Diego where the average resident needs to earn nearly $200,000 annually to afford a median-priced home and where rents are fifth highest per capita in the country,” said Wallace.
She added, “Equity Residential’s willingness to work with a new-to-market buyer with a demonstrated ability to close was pivotal to providing quality housing for those in need in the local market.”
Located at 699 14th St., Market Street Village Apartments offers market-rate and affordable units.
