Canyon Partners, MG Acquire Multifamily in San Diego’s East Village
Canyon Partners Real Estate LLC and MG Properties said Monday they had acquired the Shift Apartments, a multifamily building in the East Village neighborhood of Downtown San Diego. Seller and acquisition price were not disclosed.
Standing 21 stories tall, Shift Apartments contains 368 residential units, 18,840 square feet of ground-floor retail and a 501-space structured parking garage. The property was completed in 2018 by Lennar’s multifamily arm. Building amenities include a fitness facility, a dog park, EV charging stations and a co-working space with WiFi and private offices.
“East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego’s major employment centers,” said MG Properties president Jeff Gleiberman. “We are pleased to be expanding our apartment portfolio in San Diego and partnering with Canyon on this transaction, as this asset presents a unique opportunity to apply our operational expertise.”
JLL managing directors Annie Rice and Brandon Smith arranged acquisition financing.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout