SAN DIEGO, CA— Matthews™, a commercial real estate investment services and technology firm, completed the sale of a 144-unit workforce housing multifamily community, located in one of the most sought-after markets in California, the City of San Diego. Matthews™ Executive Vice Presidents Stew Weston and Rosie Cooper represented the seller in the transaction, which marked the fifth multifamily transaction of 100 units or greater in San Diego within the last year.

 

Positioned less than four miles east of Downtown San Diego, the property sits directly adjacent to the Orange Line with immediate access to Interstate 805, providing strong regional connectivity. Built in 1989, the community features two- and four-bedroom floorplans averaging 917-square-feet. Over the last decade, ownership invested over $2.5 million in capital improvements, including unit renovations, new exterior paint, and full roof replacements, while maintaining the future potential to add accessory dwelling units for increased density.

 

Leveraging its deep industry relationships, Matthews™ identified a buyer completing a 1031 exchange with an approaching identification deadline, closing 37-days from execution of the Purchase and Sales Agreement.

 

“San Diego continues to be one of the most resilient multifamily markets in the country, particularly for well-located workforce housing,” Weston said. “Creekside Villas presented a unique opportunity to acquire scale in a high-barrier-to-entry market with long-term growth potential.”

 

For more information, please contact Stew Weston and Rosie Cooper or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.