San Diego Workforce Housing Trades to 1031 Exchange Buyer
Matthews facilitated the $30-million sale of Creekside Villas, a 144-unit workforce housing community located at 220 47th St. in San Diego. EVPs Stew Weston and Rosie Cooper represented the seller in the transaction, which marked the fifth multifamily sale of 100-plus units in San Diego within the past year.
Located less than four miles from Downtown San Diego, the transit-adjacent property offers direct access to the Orange Line and Interstate 805. Ownership has invested more than $2.5 million in capital improvements, with additional upside through potential ADU development.
Matthews identified a 1031 exchange buyer facing an approaching deadline, closing the transaction in 37 days from contract execution. “San Diego continues to be one of the most resilient multifamily markets in the country, particularly for well-located workforce housing,” said Weston. “Creekside Villas presented a
unique opportunity to acquire scale in a high-barrier-to-entry market with long-term growth
potential.”
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Brokers
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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