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, shopping and entertainment and is 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 healthcare 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
