Los Angeles-based Lowe, a national real estate investment, development and management firm, has acquired Tenth & G Apartments, a 207-unit multifamily community located at 707 Tenth Ave. in downtown San Diego’s Ballpark District. The property sold for $71 million or about $343,000 per unit, well below replacement cost.
“Lowe has a national strategic focus to acquire high-quality, well-located multifamily properties at current lower valuations that can benefit from enhancements to property operations and/or physical improvements,” said Mike Lowe, co-CEO of Lowe.
Built in 2008, Tenth & G is an eight-story apartment community with steel and concrete construction featuring loft-style residences and 8,250 square feet of ground-floor retail. Lowe plans to complete improvements that include a new leasing office and co-working space, an expanded fitness center, upgraded common areas and in-unit renovations comparable to similar nearby properties. The company has been active in the San Diego market for many years.
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