The commercial real estate brokerage firm CBRE has arranged a $43 million loan for the purchase of a Little Italy apartment building
The six-story AV8 building, 2175 Kettner Blvd., was sold for $70.1 million in September, according to CoStar, a real estate research firm.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s Capital Markets’ Debt & Structured Finance team arranged the 10-year loan with an undisclosed insurance firm.
The property was acquired by AV8 Investors, LLC an affiliate of R&V Management, a property management firm based in San Diego.
Built in 2018, the 225,000 square-foot building has 7,800 square feet of ground-floor retail space and 129 apartments and was 96% occupied at the time of sale.
Building amenities include rooftop cabanas, an indoor/outdoor clubroom with televisions, a pool table and a 24-hour fitness center.
“This is one of the premier luxury multifamily communities in San Diego, located in one of the city’s most vibrant neighborhoods in Little Italy,” Peterson said.