Hillcrest Property, Former Sommerset Hotel, Trades for $37M
Berkadia Institutional Solutions has completed the sale of The Warwick, an 80-unit luxury multifamily property in the Hillcrest submarket of San Diego. Spectrum Partners purchased the redeveloped former Sommerset Hotel from SENTRE for $37.38 million.
“The Warwick is an award-winning boutique apartment community that was redeveloped from a preexisting hotel,” said Berkadia’s Rachel Parsons who represented both parties, along with the firm’s Ed Rosen, John Chu and Tyler Sinks. “SENTRE did a phenomenal job transforming the asset into a best-in-class community. The unique floor plans and resort lifestyle design caters to the demand for high-end apartment communities in trendy areas like Hillcrest,” added Parsons.
The complex at 606 Washington Street features studio, one- and two-bedroom floor plans with private terraces and community amenities that include a resort-style pool with cabanas. Additionally, The Warwick’s location in the Hillcrest neighborhood is near highly acclaimed restaurants and nightlife, and also adjacent to a pair of prominent healthcare campuses.
Image courtesy of Berkadia
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