Broe Group Makes First SoCal Multifamily Acquisition in San Diego
Broe Real Estate Group (BREG), the real estate affiliate of Colorado investment firm The Broe Group, has acquired 525 Olive in San Diego. Although the purchase price in the all-cash deal was not disclosed, the 20-story, 204-unit luxury apartment building adjacent to Balboa Park was valued at about $100 million when it was delivered in August 2022. Walker & Dunlop’s Hunter Combs advised on the transaction, which was completed in 60 days.
“525 Olive is San Diego’s premier luxury living community in San Diego’s most desirable submarket,” said BREG SVP of investments Milan Gutesha. “San Diego’s dynamic economy, high-quality work force, and exceptional quality of life made this market a priority for our multifamily expansion. This acquisition reflects the very best of San Diego as we continue to explore further market expansion.”
While The Broe Group has existing rail and real estate holdings in California, the 525 Olive acquisition marks its entry into Southern California’s multifamily market.
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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
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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