In the Heart of San Diego
Tenth & G Apartments is in the heart of downtown San Diego’s vibrant Ballpark District. Lowe acquired the property as part of its national strategic focus to acquire high-quality, well-located multifamily properties at current lower valuations that can benefit from enhancements to property operations and/or physical improvements.
Built in 2008, Tenth & G is an eight-story apartment community with steel and concrete construction featuring modern loft-style residences and 8,250 square feet of ground-floor retail. The property offers an array of loft style units including studio, one- and two-bedroom units averaging 704 square feet, featuring floor-to-ceiling windows, high ceilings private balconies and panoramic views of the San Diego skyline and bay. The property sold for $71 million or about $343,000 per unit which is well below replacement cost.
Lowe plans to complete improvements to the property with a new leasing office and co-working space, an expanded fitness center, upgraded common areas and in-unit renovations comparable to similar nearby properties. These upgrades are designed to elevate the resident experience while preserving the property’s attainable rent rates.
The property boasts a Walk Score of 99 out of 100 and is located within a short walking distance of the Gaslamp Quarter, PETCO Park, new East Village Green Park, and Rady Shell at Jacobs Park. Residents enjoy an attractive amenity package including a landscaped courtyard with fire pit, rooftop viewing deck, fitness center and billiards lounge.