Griffis Residential Transacts at a Discount to Replacement Cost on EV Lofts

Acquisition financing of $43 million was recently arranged for EV Lofts. The five-floor 208-unit multifamily property originally built in 2015 is located at 688 13th St. in San Diego.

David Link, senior managing director of Northmarq’s Denver office, arranged the financing. The transaction was structured through its correspondent relationship with a life insurance company.

“It’s difficult to get control of high-quality apartment assets in San Diego. In the case of EV Lofts, Griffis Residential was able to transact at a discount to replacement cost on a deal they felt would offer opportunity to move rents and improve management,” said Link.

Located in East Village, the largest neighborhood in downtown San Diego, the property offers residents a plethora of retail, restaurant, cultural and entertainment options all within a short distance. EV Lofts are located just east of the Gaslamp Quarter and southeast of historic Cortez Hill, which is renowned for hosting Petco Park, home of the San Diego Padres. Balboa Park also borders the neighborhood.

Five commuter rails and two airports (San Diego International and McClellan-Palomar) allow accessibility to numerous centers of employment. Three shopping centers and five recreational parks/centers are less than two miles away.