A joint venture between Canyon Partners Real Estate and MG Properties has purchased Shift Apartments, a 21-story and a 5-story multifamily community with 368 units of housing in downtown San Diego, the firms announced in a Monday press release.
Completed in 2018, Shift Apartments also includes 18,840 square feet of ground-floor retail space and a 501-space parking garage, per the release. It is located in the East Village neighborhood within walking distance to popular areas like the Gaslamp Quarter and Petco Park, home of the San Diego Padres Major League Baseball team. A nearby trolley station connects the property to major employment hubs throughout San Diego County, including University of California San Diego, Sorrento Valley and the Naval Base San Diego.
MG Properties President Jeff Gleiberman said the San Diego-based property manager is pleased to expand its apartment portfolio in the area and to partner with Canyon on the transaction. Last year, the firm bought the 718-unit, 35-story Park 12 near Petco Park.
"East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego's major employment centers," Gleiberman said in the release. "This asset presents a unique opportunity to apply our operational expertise."
Building amenities include a fitness facility, a dog park, EV charging stations and a co-working space with Wi-Fi and private offices, per the release. The 21st floor features a sun deck, pool, spa and sky lounge with barbecue grills, a fire pit and clear views of San Diego Bay and the downtown skyline. Units include high-quality finishes like quartz countertops and kitchen islands, designer kitchen and bath plumbing fixtures and stainless-steel appliances.
Founded in 1991, Dallas-headquartered Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners LLC. Canyon has been an active provider of equity and debt capital across California for more than two decades, according to the release, and has capitalized roughly $7.1 billion in total projects across all asset types in the state.
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