Images via entradaapts.com.
Written by The Business Journal Staff
IDEAL Capital Group, a real estate investment firm based in Clovis, has announced the acquisition of Entrada Apartments in downtown San Diego for $46.6 million.
From 2004 until July 2018, Entrada was leased as student housing for Thomas Jefferson Law School. It features 172 apartment homes with a rooftop deck, large courtyard, fitness center and business center.
IDEAL is aiming to rebrand and renovate the property, touching up unit interiors by adding new cabinet faces, countertops, stainless steel appliances, lighting and flooring throughout.
“Entrada presents IDEAL the opportunity to transform a centrally located but underappreciated asset into a premium, highly amenitized ‘value’ option for those looking to live in the East Village,” said Austin Herzog, president of IDEAL Capital Group. “With a host of well-paying jobs, entertainment options, restaurants, breweries, parks, art galleries, and the central Downtown location all in the East Village, Entrada is well positioned for future growth.”
The seller, SP RGA, was a partnership between Security Properties and a ReCap, a Reinsurance Group of America (RGA) company.
Entrada was one of the first communities built in downtown San Diego’s East Village, and since the property was built in 2004, 6,648 apartments have been constructed in Downtown San Diego, increasing the market inventory by 79 percent.
“The growth in San Diego’s downtown market over the past decade, especially in East Village, is unprecedented compared to anywhere in San Diego county,” said Rachel Parsons, of Moran & Co. who represented the seller. “Downtown remains the most desirable rental market in San Diego due to the 24/7 live/work/play environment, as well as its immediate proximity to San Diego’s top attractions and lifestyle convenience adjacent to the airport.”