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Senior Director Mike.Murphy@berkadia.com 714.318.3978
CA BRE #01241878
MIKE MURPHY
Senior Managing Director Derrek.Ostrzyzek@berkadia.com 310.924.9348
CA BRE #01984295
DERREK OSTRZYZEK
Senior Managing Director Rachel.Parsons@berkadia.com 858.945.0992
CA BRE #01335449
RACHEL PARSONS
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Irvine, CA 92612
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Investment Highlights
Berkadia Institutional Solutions is pleased to present Broadstone Balboa Park, a 100-unit apartment community located within San Diego’s vibrant uptown enclave of Bankers Hill.
The property sits adjacent to the sprawling 1,200 acre Balboa Park, which contains countless green belts, museums, zoos, and theaters—serving as the cultural epicenter for the City. The area is characterized by its treelined streets, century-old houses, parks, trails, and boutique retailers. The asset itself offers hand-crafted interiors, innovative amenities and blends seamlessly with the surrounding neighborhood, incorporating modern elements while paying homage to the area's historic charm.
3288 Fifth Avenue
San Diego, CA 92103
Broadstone Balboa Park
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A 100-Unit Core Apartment Community in San Diego's Bankers Hill Neighborhood
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Director Chris.Tresp@berkadia.com 323.916.3310
CA BRE #01846401
CHRIS TRESP
Associate Director Kenji.Thomas@berkadia.com
310.895.3020
CA BRE #02168781
KENJI THOMAS
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Senior Managing Director patrick.mcglohn@berkadia.com 703.987.0874
Patrick McGlohn
Irreplaceable Location
Broadstone Balboa Park boasts an irreplaceable location that sets it apart from other assets in the market. Situated in the heart of Bankers Hill, the property offers unparalleled access to the iconic Balboa Park, a cultural and recreational hub for the city. This prime location not only provides residents with immediate access to world-class museums, gardens, and theaters but also offers a vibrant and dynamic neighborhood with a wide array of dining, shopping, and entertainment options.
Views from the Top
One of the standout features of Broadstone Balboa Park is the breathtaking views it offers from its elevated position in Bankers Hill. The property's location on higher ground provides residents with panoramic vistas of the surrounding cityscape, Balboa Park, and the San Diego Bay. In comparison, the elevation in Bankers Hill relative to Little Italy captures over 250’ of grade change. The ability to enjoy such picturesque scenery from the comfort of one’s home is an irreplicable quality that sets Broadstone Balboa Park apart.
Boutique Community with a Distinctive Design
With just 100 units, Broadstone Balboa Park is a highly curated boutique community with unmatched attention to detail. It is one of the select few remaining multifamily assets to have been designed in collaboration between Paul Basile Studios and Alliance Residential. The thoughtfully interwoven amenities include multistory rooftop amenity decks, a podium-grade spa deck, a 24-hour fitness center, and numerous other sophisticated interiors around each corner. The community's intimate scale fosters a sense of community and exclusivity, appealing to tenants who value a more personalized living experience.
Proven Asset Level Fundamentals
Broadstone Balboa Park has a proven track record of strong asset level fundamentals, demonstrating its ability to attract and retain quality tenants. Over the past year, for example, the property has achieved 4.55% organic rent growth which is 2.5x greater than the submarket average rent growth during this same time period of 1.79%. The property's well-maintained condition, efficient operations, and proactive management coupled with the submarket demand drivers have contributed to its strong asset level fundamentals.
Outstanding Demographics
Broadstone Balboa Park benefits from outstanding demographics with a median income of $160,000 (average income $199,714). Furthermore, the area's strong employment opportunities, including nearby medical centers, research institutions, and technology companies, ensure a steady demand for quality rental housing. The neighborhood has one of the largest concentrations of residents aged between 25 to 34 years old and many tenants here work in conjunction with the hospitals spread across the area, or in the tech industry.
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Amenities
Designer Kitchens with Quartz or Granite Slab Counters
Euro-style Soft-closing Cabinets
Frigidaire Gallery Collection Stainless Steel Appliances with 5 Burner Gas Cooktop
Smart Box Technology for All Wiring
Water Filtration System and Stainless Steel Sink
Under Counter Wine Fridge with Dual Temp Control
Frigidaire Affinity Full Size Front Loading Washer & Gas Dryer
Gracious Interiors that Embrace Space and Light
Luxurious Bathrooms with Designer Marble Counters
Walk-In Glass Showers
Wood Plank Style Flooring
Large Walk-in Closets
UNIT AMENITIES:
Resident Clubhouse
Refreshing Pool Retreat
Spa Terrace
Rooftop BBQ
Rooftop View Deck
Club-style Fitness Studio
Lobby Photobooth
Creative Work Space
Underground Gated Parking with Electric Vehicle Charging Stations and Bike Storage
COMMUNITY AMENITIES:
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Senior Director Lee.Scott@berkadia.com 858.275.5066
Lee Scott
Senior Managing Director kevin.mignogna@berkadia.com 619.622.9238
Kevin Mignogna
100
UNITS
2015
Built
777 SF
Avg. Unit
1,682 SF
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