The Warwick

Hillcrest - San Diego, CA | 81 Units

  • HOTEL TO APARTMENT CONVERSION IN A+ LOCATION

  • Acquired 80 apartment units at $19.5M / $245,000 per unit

  • Identified “off-market” from long term “pride of ownership” owner

  • Premier San Diego location for a high-end boutique live, work, play apartment community

  • Walkable to Trader Joes, Whole Foods, 24 Hour Fitness, Landmark Cinema & Fifth Avenue retail corridor

  • Immediate access to central Hillcrest, Interstate 5 & Highway 163 and Hillcrest health care employment cluster anchored by Scripps Mercy Hospital and UC San Diego Medical Center

  • Planned investment of $3M+ million ($40,000+ per unit) including comprehensive amenity package (pool and spa, fitness center and roof top deck) and high end unit interior upgrades

  • Projected stabilized cost basis at 20% discount to sales comps and replacement cost on per unit basis

  • Projected 6% average, stabilized cash on cash yield and 14%+ leveraged IRR