East Village Apartment Complex Brings $218k Per Unit
Essex Property Trust has acquired the 241-unit Form 15 apartment complex in East Village from Chicago-based Mesirow Financial for $52.6M. This high-end rental project, which opened in 2014, brought $218,257/unit. Form 15 is among the highest-priced rental projects in the region, with rent for a studio apartment at $1,952 and one-bedroom units renting for between $1,865 and $3,540. The average San Diego rent was $1,618 in March, up 2.79% from a year ago, according to the San Diego Union-Tribune.
The East Village neighborhood is one of the highest rental markets in San Diego. The neighborhood's three previous multifamily sales also brought exceptionally high values, according to CoStar Groupdata, including the 264-unit 13th & Market Apartments, which sold for $54M ($204,545/unit) in December 2014; the 208-unit EV Lofts, which sold for $83.9M ($403,365/unit) in September 2015; and the 207-unit Lofts, which sold for $141.8M ($685,024/unit) in June 2013.
Located on the corner of Market and 15th streets, Form 15 offers a highly walkable environment, an array of amenities that appeal to Millennials and 8k SF of retail on the ground level. [SDUT]
