SAN DIEGO—The local office of Colliers International has completed the sale of high-rise, apartment development site located at 520 W. Ash St. and 1446 Columbia St. for $12.8 million.
Victor Krebs of Colliers International represented the buyer, Lennar Multifamily Communities, LLC in this off-market transaction. Chhatrala 520 Ash St LLC, a San Diego-based investor, and the seller of the properties, had no outside representation.
Located in the vibrant Little Italy neighborhood, the buyer plans to develop an upscale apartment project of 220 units with 5,000 square feet of retail space. The property is located two blocks from San Diego Bay, the San Diego Trolley, and one block to the shops and restaurants on India St.
“Little Italy has seen tremendous interest from developers and investors and is one of the top markets in San Diego” said Krebs, SVP of Colliers International. “This project will set a new benchmark for quality in the Little Italy area.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
