February 11, 2019
Central California-based IDEAL Capital Group acquired Entrada Apartments in Downtown San Diego for $46.6 million. The 2004-vintage property was, until July 2018, master-leased as student housing for Thomas Jefferson Law School.
The seller was SP RGA, a partnership between Seattle-based Security Properties and ReCap, a Reinsurance Group of America (RGA) company. Moran & Co.’s Rachel Parsons and CBRE’s Kevin Mulhern represented the seller.
The community features 172 apartment homes with a rooftop deck, large courtyard with water feature, fitness center and business center. Situated at the corner of 13th & Island, Entrada is located in a highly-walkable area in the dynamic East Village neighborhood.
The new owner plans to rebrand and renovate the property, targeting the “touch-points” of the unit interiors by adding new cabinet faces, countertops, stainless steel appliances, lighting packages, and flooring throughout. It will also upgrade the rooftop amenity area, streetscape, resident gym, and interior courtyard to improve the gathering and socialization experience.
For comments, questions or concerns, please contact Dennis Kaiser