Next Space Development Realty Inc., acquired 25 on Fifth, a 25-unit apartment complex in San Diego, for $14.5 million. The property is located at 3265 5th Ave. in the Bankers Hill neighborhood, near Balboa Park. It was built in 2007 and initially developed by Mayfair, which lost the property to Bank of America in the 2008 recession.
Kidder Mathews’ multifamily brokers, Eric Comer, Jim Neil and Merrick Matricardi, represented the buyer, a San Diego-based residential and multifamily development company. Acquisition equity was provided by Pacifica Companies.
Comer says, “25 on Fifth was marketed with a previous firm for several months. After the listing expired, we were able to secure a buyer, with help from Dixie Hall of CBRE, and sold the property to Next Space Development, who plans to renovate the property and sell the units as condominiums.”
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