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California  + San Diego  + Apartments  | 

Broe Group Makes First SoCal Multifamily Acquisition in San Diego

Broe Real Estate Group (BREG), the real estate affiliate of Colorado investment firm The Broe Group, has acquired 525 Olive in San Diego. Although the purchase price in the all-cash deal was not disclosed, the 20-story, 204-unit luxury apartment building adjacent to Balboa Park was valued at about $100 million when it was delivered in August 2022. Walker & Dunlop’s Hunter Combs advised on the transaction, which was completed in 60 days.

“525 Olive is San Diego’s premier luxury living community in San Diego’s most desirable submarket,” said BREG SVP of investments Milan Gutesha. “San Diego’s dynamic economy, high-quality work force, and exceptional quality of life made this market a priority for our multifamily expansion. This acquisition reflects the very best of San Diego as we continue to explore further market expansion.”

While The Broe Group has existing rail and real estate holdings in California, the 525 Olive acquisition marks its entry into Southern California’s multifamily market.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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