SRM Hillcrest Buys Prime Site Ready For Residential Redevelopment

SRM Hillcrest LLC plans to develop a class-A multifamily community on a 1.08-acre residential development site in San Diego. The developer recently purchased the acreage for $20.5 million.  

Located at 770 Washington St. at 8th Avenue, the property is situated on a transit corridor in the Hillcrest neighborhood of Uptown near downtown. The property is located off State Route 163, easily walkable to several retail, shopping and dining amenities within a few blocks, and less than a mile of all major employers in Hillcrest.

The site’s existing two-story office building and structured parking will be demolished.

Kevin Nolen, Tim Winslow and Jason Kimmel with Cushman & Wakefield represented the unidentified seller in the transaction.

“One of San Diego’s most popular communities, Hillcrest is a welcoming area for young professionals, with neighborhood charm and excellent walkability offering the ideal uptown lifestyle of live-work-play,” said Nolen. “This is a prime site ready for residential redevelopment to accommodate the growing workforce and add class-A stock to a shortage of housing supply in the area. Additionally, this sale demonstrates how the greater San Diego market and Hillcrest in particular continues to see demand from developers wanting to build new housing in the city and shines a brighter spotlight on the strength of the recovery in San Diego.”