SAN DIEGO-Security Properties Inc. paid $22 million for Entrada,a 172-unit apartment property located at 453 13th St. indowntown San Diego. The seller, SRM Development LLC, constructedthe project in 2004.
Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB RichardEllis Inc. represented the seller. Security Properties Inc.represented itself. Mulhern tells GlobeSt.com that there weremultiple offers for the property.
Located in downtown San Diego’s East Village neighborhood, theapartment property includes a fitness center, business center,conference room and rooftop terrace with panoramic views. SecurityProperties plans some capital improvements for the property,including: renovating the leasing office and roof top commonarea; and implementing a vibrant exterior paint scheme.
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