The site will be developed into a multifamily apartment community
San Diego–August 5, 2015 – CBRE announced the land sale of 4220 Arizona Street, which will be developed into a multifamily apartment community located in the submarket of North Park in San Diego, for $7,113,333 million. Jim Neil, Eric Comer and Merrick Matricardi of the CBRE Multifamily team represented the seller, Community HousingWorks. The buyer, Alliance Residential, represented themselves. The property currently has a 49,500-square-foot office building that was previously used as an AT&T administrative office.
4220 Arizona Street is a 1.21-acre multifamily development site which will contain a total of 118 units. Community HousingWorks (CHW) entitled the site jointly with a 76-unit proposed affordable senior development that will be immediately west of 4220 Arizona Street. Community HousingWorks is developing the senior site into a complex of seven studios, 66 one-bedroom, and three two-bedroom apartments. Community HousingWorks is partnering with the San Diego LGBT Community Center to design the senior apartments as an affirming and supportive environment for LGBT seniors, with The Center’s Senior Services staff providing services welcoming to the entire senior community of residents.
The multifamily site will feature high-quality, urban contemporary design with stucco exterior and select accents. The apartments will include studio, one and two bedroom units ranging in size from 550-1,300 square feet. Skyport Studio completed the conceptual design and architectural renderings for the entitlement process. 4220 Arizona was designed to emphasize pedestrian activity with a blending of the public and private amenities through landscaped plazas and community serving areas.
The apartments will feature private balconies, washer/dryer units and community amenities including a roof deck, bike storage, elevator services, storage units as well as large common amenities space.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.