Lowe Pays $71M for Multifamily Development in Downtown San Diego

Downtown San Diego is experiencing a surge in multifamily investment activity so far this year, with the latest deal coming by way of Los Angeles-based development and investment firm Lowe. 

Lowe purchased the 207-unit Tenth & G complex at 707 Tenth Avenue in San Diego’s Ballpark District for $71 million, or roughly $343,000 per unit. A J.P. Morgan Chase entity sold the asset, property records show. 

The eight-story Tenth & G was built in 2008 and features 8,250 square feet of ground-level retail space. Lowe plans to upgrade the building with renovated common areas, a new leasing office, coworking space, an expanded fitness center and in-unit renovations. 

CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller in the deal.

“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,” Mike Lowe, the firm’s co-CEO, said in a statement. 

Lowe joins other investment firms making moves in Downtown San Diego. Affinius Capital in April, for example, provided a $148.5 million refinancing loan for Diamond Realty Investments’ 389-unit property just a few blocks northwest of Tenth & G. 

Yet all multifamily deals in San Diego this year pale in comparison to MG Properties’ $309 million purchase of Greystar’s Park 12 – The Collection apartments. The deal for the 718-unit complex was the largest apartment deal in the city since 2020, and the third-largest apartment sale in the city’s history.  

Nick Trombola can be reached at ntrombola@commercialobserver.com.