SDLofts Multifamily Portfolio Selling for Development Funding

San Diego-based architect and developer Jonathan Segal, founder of SDLofts, has decided to fund his next Little Italy residential tower project through the sale of his existing seven building multifamily portfolio, including distinctive projects in Little Italy, North Park, Hillcrest and Mission Hills.

According to the report in the San Diego Union Tribune, Berkadia will bring the 98% occupied portfolio to market in pursuit of a $130 million or higher price tag.

Segal, both the architect and developer of the buildings for sale, expects to use proceeds to fund a future 220-foot-tall “pencil tower” development project at an undisclosed Little Italy location.

The portfolio offers a total of 222 units, and approximately 32,000 square feet of retail space.

“It’s time,” Segal told the Union Tribune. “We built these buildings and I think we have some more goals to achieve.”

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