Miami Developer Unveils Luxury Apartments in Tampa’s West River District
February 7, 2025
Greystar Sells San Diego Community for $309M
MG Properties has successfully acquired Park 12 Apartments, a 718-unit high-rise community located in downtown San Diego, for $309 million from Greystar. This acquisition represents the largest apartment transaction in San Diego since 2020 and the third-largest in the region's history, according to the buyer.
Currently 94% occupied, Park 12 offers a variety of unit types, including studios and one-, two-, and three-bedroom apartments, all featuring washers and dryers, high ceilings, and digital locks. The property also boasts extensive common-area amenities, including a clubhouse, fitness center, business center, and two swimming pools. With 991 parking spaces, Park 12 provides residents with convenience and ample parking. In 2025, average rents at Park 12 are projected to be $3,769 per month, a notable increase from $3,433 per month in 2021.
Completed in 2018, the property is part of the Ballpark Village masterplan and is situated adjacent to Petco Park, the home of the San Diego Padres. Residents can enjoy views of the stadium and downtown San Diego, along with 43,000 square feet of retail space, including restaurants, a brewery, and a café.
Park 12's WalkScore of 97 out of 100 reflects its prime location, where most daily needs can be met on foot. The property provides easy access to the Gaslamp Quarter, renowned for its concentration of dining and retail options.
Eastdil Secured's Geoff Boler and Joseph Smolen represented Greystar in the transaction. Fannie Mae provided financing, arranged by Greg Stampley and Lee Redmond, also of Eastdil Secured.
MG Properties has been an active player in the multifamily acquisition market, adding 18 properties to its portfolio over the last 12 months, with a total value exceeding $2.1 billion. Notably, the company recently acquired Pulse Millenia, a 273-unit multifamily property in Chula Vista, California, for $116 million.
San Diego's multifamily market remains dynamic, with vacancy rates in the metro area at 4.9% in the fourth quarter of 2024, slightly up from 4.7% the previous year, according to Kidder Mathews. Average asking rents remained relatively stable during this period, at $2,351 per month at the end of 2024, compared to $2,331 in 2023.
The region continues to see robust development, with 7,211 units completed in 2024—an increase of over 10% from the previous year. As of the end of 2024, 11,118 units were under construction, a decrease of 18.2% compared to the prior year. Net absorption in the San Diego apartment market surged in 2024, with 5,259 units absorbed, more than three times the 1,258 units absorbed in 2023.
In the San Diego multifamily investment sector, the average sales price per unit has experienced significant growth over the past decade. In 2015, the average price was just under $2,000 per unit. By 2024, that figure had nearly doubled, reaching close to $4,000 per unit, according to Kidder Mathews.
