Done Deals: JLL Capital Markets arranges $64.4 million sale of the 99-unit Eighteen Ten State Street apartments in the Little Italy neighborhood of San Diego, CA

Tuesday, December 14, 2021

JLL Capital Markets arranges $64.4 million sale of the 99-unit Eighteen Ten State Street apartments in the Little Italy neighborhood of San Diego, CA

Darcy Miramontes

SAN DIEGO, CA, Dec. 14, 2021 – JLL Capital Markets has closed the $64.4 million sale of Eighteen Ten State Street, a Class A, mid-rise multi-housing property located in San Diego’s premier neighborhood, Little Italy.

JLL worked on behalf of the seller, McMillin, LLC.

Kip Malo

With a price per unit of $650,500, the eight-story community features units with luxury wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceiling, walk-in closets, in-unit laundry, quartz countertops stainless steel appliances and average floor-plan sizes of 721 square feet.

Community amenities include a village patio, a sky spa, a hotel-inspired lobby and a horizon lounge.

Located at 1810 State St., the community is proximate to Little Italy’s Mercato, the brand-new Waterfront Park and over 85 dining options.

Timothy (Tim) Wright

Along with its location offering a Walk Score® of 98, the community is also less than one mile from I-5, Pacific Highway, CA-163, the Trolley Green Line and Blue Line and Santa Fe Depot, as well as only three miles from I-15.

In addition, San Diego International Airport is two miles from the property. Residents also have access to top employers within defense, healthcare, higher-education, life sciences and technology sectors due to the connectivity to Sorrento Mesa, UTC, Kearny Mesa, Mission Valley and downtown San Diego.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Darcy Miramontes, Director Kip Malo, Senior Managing Director Tim Wright and Associate Bharat Madan.

Bharat Madan

“JLL is proud to have closed the sale of Eighteen Ten State Street on behalf of McMillin,” said Miramontes.

“With the strength of the San Diego market and Little Italy’s clear path for rent growth, the new owners have the opportunity to benefit from a stable, cash-flowing asset within this highly sought-after neighborhood.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.