Originally developed in 1923, The Barcelona carries a historic designation, features Spanish Colonial / Art Deco architecture and is unique in that there are very few buildings of this size in the Bankers Hill neighborhood. Following acquisition in 2014, the building was authentically restored and repositioned including the common areas (with curated amenities), a refurbishment of the units with classic finishes coupled with modern convenience, and re-branding of the property. Urban Living, Historic Charm.
- Purchased “off market” in June 2014 for $15M ($167,000 per unit | $275/SF)
- 90 unique studios, flats and one bedroom units along with two rooftop penthouses in mid-rise building located in Bankers Hill neighborhood of San Diego County
- Boutique-style apartment building that artfully blends unique historic elements with a modern living experience and boasts a rooftop deck with panoramic views of the Pacific Ocean, San Diego Bay and Downtown skyline
- Built in 1921 and holds Mills Act Historic Designation for Spanish Colonial Revival architecture
- Invested $3M ($30,000 per unit) in comprehensive renovation plan and rebranding effort including enhancements to rooftop deck, boutique lobby and leasing center, full-service lounge / clubhouse and fitness center
- In anticipation of the property’s 100-year celebration in 2023, we invested an additional $1.8M ($20,000 per unit) in exterior revitalization (balcony repairs, painting and landscaping) and interior enhancements (elevator modernization and in-unit heating amenity installation)
- Maintained 95.6% average occupancy and grew net operating income (NOI) by 40% in the 9+ years since acquisition
