A historic Sherman Heights apartment building has been sold for $7.3 million.
SENTRE, a commercial real estate firm based in San Diego, sold The Sterling, a Colonial Revival mid-rise building at 470 20th St., to Highlands REIT, Inc.
Formerly known as Sophie Arms, The Sterling was built in 1908 and renamed after its original architect William “Sterling” Hebbard.
The building has 27 studio and one-bedroom apartments.
The Sterling holds a Mills Act Historic Designation as part of the Historic Sherman Heights District.
SENTRE was represented by brokers with Berkadia Real Estate Advisors, including Ed Rosen, John Chu, and Tyler Sinks.
Highlands REIT represented itself.
“The Sterling embodies our investment thesis to source highly differentiated opportunities in high demand or path-of-progress locations with strong value-added upside potential. We are pleased to have executed successfully on our investment strategy,” said Doug Arthur, president, and CEO of SENTRE.