Originally acquired as the Sommerset Suites Hotel, The Warwick was comprehensively redeveloped from a hotel into a boutique apartment community.  Located in the heart of one of San Diego’s oldest and most historic neighborhoods, the property is walking distance to restaurants and shopping, a short walk to Balboa Park and adjacent to Hillcrest’s health care employment cluster anchored by Scripps Mercy Hospital and UC San Diego Medical Center.

• Purchased 80-unit hotel “off market” in Hillcrest neighborhood of San Diego County at $19.5M ($245,000 per unit) in January 2017
• Centrally located with immediate access to major throughways (Interstate 5 and Highway 163), walkable high-profile grocery, fitness, entertainment / retail options and proximity to major health care employment cluster anchored by Scripps Mercy Hospital and UC San Diego Medical Center
• Successfully redeveloped as a boutique apartment community with investment of $6M ($75,000 per unit) to add comprehensive amenity package (pool and fitness center) and enhanced unit interior with high-end upgrades
• Named San Diego’s #1 Apartment Community by the San Diego Union Tribune Readers Poll in 2021. Converted into a true live-work-play community, The Warwick was recognized as one of the City’s premier communities
• In the first 10 months of 2022, The Warwick turned over 38% of its total units with average rent growth of 25.3% over prior rents on new 12-month lease terms and despite rent protection caps at 10%, The Warwick achieved nearly 8% average growth on all lease renewals
• Sold in December 2022 for $37.375M ($467,000 per unit), which translates to a tax-adjusted 3.07% cap rate