San Diego Business Journal

Cleveland Developer Buys Land Under Downtown Apartments for $6 Million

By SDBJ Staff Monday, June 30, 2014
The Heritage, 1471 Eighth Ave in San Diego
-- Photo courtesy of CoStar Group

The Heritage, 1471 Eighth Ave in San Diego -- Photo courtesy of CoStar Group

(Editor's note: This article has been modified to reflect the actual nature of the transaction, which was for the land underneath the apartment complex mentioned, following a change to the referenced report by CoStar Group.)

FC Cortez Hill Associates LP of Cleveland bought the land underneath The Heritage, a 230-unit apartment property in downtown San Diego’s Cortez Hill neighborhood, for $6 million.

The seller of the property, at 1471 Eighth Ave., was the city of San Diego, according to CoStar Group and public data.

The buyer, a unit of Cleveland-based developer Forest City Enterprises Inc., had previously leased the land from the city for the company-owned apartment community.

The apartments were built on 1.42 acres in 2002 and renovated in 2014.

Forest City also owns The Springs assisted-housing community in La Mesa, according to its website.