Hillcrest Property, Former Sommerset Hotel, Trades for $37M
Berkadia Institutional Solutions has completed the sale of The Warwick, an 80-unit luxury multifamily property in the Hillcrest submarket of San Diego. Spectrum Partners purchased the redeveloped former Sommerset Hotel from SENTRE for $37.38 million.
“The Warwick is an award-winning boutique apartment community that was redeveloped from a preexisting hotel,” said Berkadia’s Rachel Parsons who represented both parties, along with the firm’s Ed Rosen, John Chu and Tyler Sinks. “SENTRE did a phenomenal job transforming the asset into a best-in-class community. The unique floor plans and resort lifestyle design caters to the demand for high-end apartment communities in trendy areas like Hillcrest,” added Parsons.
The complex at 606 Washington Street features studio, one- and two-bedroom floor plans with private terraces and community amenities that include a resort-style pool with cabanas. Additionally, The Warwick’s location in the Hillcrest neighborhood is near highly acclaimed restaurants and nightlife, and also adjacent to a pair of prominent healthcare campuses.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.