6th and Olive
Greystar GP II, LLC acquired and will supply the seller with improved office space, designated parking stalls to support the cathedral’s ministry and developing a new high rise apartment community.
01 The Opportunity
Greystar GP II, LLC acquired the site totaling 0.59 acres for nearly $8.2 million. Greystar will supply the seller with 14,209 square feet of improved office space and 70 designated parking stalls to support the cathedral’s ministry along with developing a new 204-unit high rise apartment community on the property, with 18 of the residential units designated affordable for low-income residents.
02 The Results
The desirable location for this new project is walkable to employment centers plus amenities and is also bike-friendly and conveniently serviced by public transportation. The 20-story project is also beautifully located at the edge of and will overlook the 1200-acre Balboa Park, the nation’s second largest urban cultural park featuring 15 museums, performing arts venues, gardens, and the San Diego Zoo. Bankers Hill is a vivacious neighborhood home to some of San Diego’s finest and most iconic restaurants. New housing projects are changing the landscape in the surrounding blocks with new condo buildings planned for 6th Ave. and Palm St., 5th Ave. and Nutmeg St., and 5th Ave. and Maple St. This residential growth aims to create increased convenience and connectivity within this desirable community, all the while helping to fulfill an ongoing need for housing.
Meet the Team
FLOOD INSURANCE COMPLIANCE FOR A BANK ACQUISITION • Banking & Regulatory Solutions
BRS performed a compliance scrub for the acquiring institution and created a compliance package for every property within a Special Flood Hazard Area (SFHA).