Greystar Sells Downtown San Diego Residential Plaza for $309M
The sale is the third-largest apartment deal in San Diego history, according to buyer MG Properties
By Nick Trombola February 5, 2025 9:25 pm
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A sprawling residential plaza in downtown San Diego has traded hands in one of the largest apartment deals in the city’s history.
Greystar sold the 718-unit San Diego residential plaza, which includes a 35-story high-rise and two mid-rise buildings, for $309 million to MG Properties. The deal is the third-largest apartment deal in the city’s history, and is the biggest sale there since 2020, according to MG. The property, dubbed Park 12 – The Collection in Downtown San Diego, also contains 43,000 square feet of retail space. The tower’s most recent assessed value was for $264.2 million, per property records.
Eastdil Secured’s Joseph Smolen and Geoff Boler represented Charleston, S.C.-based Greystar in the deal, while MG Properties represented itself. Eastdil’s Greg Stampley and Lee Redmond arranged $168 million in Fannie Mae (FNMA) financing for the purchase, according to a MG Properties spokesperson.
Greystar built the 438-unit tower, at 100 Park Plaza, in 2018 within the Ballpark Village master-planned neighborhood adjacent to Petco Park, the San Diego Padres’ professional baseball stadium. The two mid-rise buildings, at 101 Park Plaza and 201 Park Boulevard, were completed around the base of the tower the following year, together totaling 280 units.
“As a San Diego-based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years,” Jeff Gleiberman, president of MG Properties, said in a statement. “We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties.”
Representatives for Greystar did not immediately respond to requests for more information.
MG was recently involved in one of the largest multifamily sales across California in 2024 as well, though as the seller. The company in December sold Preserve at Melrose, a 410-unit complex in Vista, about 42 miles north of Downtown San Diego, to Mesirow for $185 million. MG had acquired the property in 2017 from Trammell Crow for $134 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
