300 14th Street, San Diego, CA 92101
ALX
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Investment Highlights
Opportunity
The Opportunity
Berkadia Institutional Solutions is pleased to present ALX, a trophy-core, high-rise community with panoramic city and bay views in Downtown San Diego.
Built in 2017, ALX is a 19-story high-rise offering 313 luxury apartments along with a 2,600 square feet of standalone retail space fully-leased by a restaurant and beer garden. Situated two blocks away from Petco Park in the exclusive Ballpark District, ALX is in a highly-walkable and action-packed neighborhood with one of the highest concentrations of restaurants and bars in Downtown. With a dynamic walkable location, outstanding access to transportation and jobs, and an incredible neighborhood growth story, ALX presents the opportunity to acquire a trophy-core high-rise in one of the most stable, coastal urban submarkets in California.
PROPERTY SUMMARY
19
No. of Stories
788 sq. ft.
Average Unit Size
313
Number of Units
354
Residential Parking Spaces
Floor-to-ceiling glass with city, bay, and ocean views
Gourmet kitchen with GE stainless steel appliances, Symmons fixtures, Quartz countertops, and a full-height tile backsplash
European-style cabinetry and hardware with softclose doors
Tiled bathrooms with Symmons fixtures, rain shower, and illuminated mirrors
Hardwood-style flooring
Full size GE washers and dryers
Two interior finish color palettes to select from Electronic door locks
Two-story penthouse residences and dramatic floor-to-ceiling glass with sweeping ocean, bay, and city views
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BEST-IN-CLASS INTERIORS
Rooftop saltwater zero-edge pool and spa with panoramic city, bay, and ocean views
6th floor clubroom with indoor/outdoor space featuring fire pit, grills, and outdoor dining seating
Vintage-style speakeasy on the ground floor with kegerator
Outdoor dining areas with grills and pizza oven
Outdoor courtyard lounge with water feature
Lounge with gourmet kitchen and large Apple TV video wall
State-of-the-art fitness center with Technogym cardio and weights
Business center with flat screen TV and Air media for business presentations
Game room with large flat screen televisions, gaming table, and pool table
1st floor courtyard with large illuminated waterfall feature with additional outdoor seating
Dog-friendly with pet spa and dog park
Bike kitchen and storage space
Package lockers for convenient delivery and 24/7 access
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CURATED AMENITY COLLECTION
AMENITIES
© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage company business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit www.berkadia.com/licensing.
CONTACT Us
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RACHEL PARSONS
INVESTMENT SALES
Irvine Office
MORTGAGE BANKING
Senior Managing Director
rachel.parsons@berkadia.com
858.945.0992
CA BRE #01335449
mike murphy
Senior Director
mike.murphy@berkadia.com
714.318.3978
CA BRE #01241878
patrick mcglohn
Senior Managing Director
patrick.mcglohn@berkadia.com
301.941.4610
kenji thomas
Associate Director
kenji.thomas@berkadia.com
310.895.3020
CA BRE #02168781
DERREK OSTRZYZEK
Managing Director
derrek.ostrzyzek@berkadia.com
310.924.9348
CA BRE #01984295
2,600 sq. ft.
100% Leased
Retail Space
3121 Michelson Drive, Suite 400
Irvine, CA 92612
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Luxury High-Rise in Coastal Urban Setting:
INVESTMENT HIGHLIGHTS
ALX has taken luxury high-rise downtown living to all new heights. The 11 amenity spaces at ALX offer one of the most enviable collections in the city, including an expansive rooftop deck with a zero-edge saltwater pool offering breathtaking panoramic views of the bay, ocean, and city skyline.
VIBRANT Ballpark District Location:
Strong Resident Income Profile:
Resilient Rental Market:
$7 Billion in Commercial Development:
Immediate Access to Transit:
Energy Efficient Rooftop Solar Panels:
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Priced Below Replacement Cost
Nestled between the Gaslamp Quarter and East Village, ALX is ideally situated in Downtown’s coveted Ballpark District, a highly walkable neighborhood centered around Petco Park featuring a heavy concentration of restaurants, bars, and entertainment venues.
The desirability of ALX’s outstanding product quality and location are attracting an exceptionally strong tenant profile with an average household income at an impressive $154,039, which translates to a rent-to-income ratio of 23%.
San Diego has one of the highest performing and most consistent rental markets in the country. Since 2021, annual rent growth in the market has averaged 9.8% while occupancy has maintained at 97.2%, outpacing other major West Coast markets including Los Angeles, Denver, and Phoenix.
A suite of transformational commercial development projects are currently underway in Downtown San Diego as investors are eager to contribute to the modern evolution of one of the hottest urban city centers in the country.
Located just four blocks from the I-5 freeway onramp, ALX offers residents immediate access to UTC, Mission Valley, and Kearny Mesa job corridors. The property is also just one block from the 12th and Imperial Trolley Station, serviced by blue, orange, silver, green and orange trolley lines, allowing access to all of Downtown as well as Old Town, Mission Valley, and UTC in under 40 minutes.
ALX has an array of 146 solar panels located on the property’s rooftop. The energy produced by these solar panels is estimated to result in a total cost savings of 15 to 20% in common area electricity.
When considering exorbitant development costs and the dearth of construction financing, it could easily cost +$750,000/unit to develop a property like ALX
today. ALX represents a discount to replacement cost and a tremendous opportunity to acquire a trophy asset at a good basis.
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