Next Space Development Realty Inc. recently purchased 25 on Fifth, a 25-unit apartment complex located at 3265 5th Avenue in Downtown San Diego, and plans to convert it into condos. | Courtesy a representative of Kidder Mathews

Downtown Apartments Fetch $15M, Soon to Be Condos

Carrie Rossenfeld Multifamily

Residential and multifamily development company Next Space Development Realty Inc. has purchased 25 on Fifth, a 25-unit apartment complex located at 3265 5th Avenue in Downtown San Diego, for $14.5 million.

The acquisition equity was provided by Pacifica Companies. Kidder Mathews’ multifamily brokers Eric Comer, Jim Neil, and Merrick Matricardi represented the buyer in the transaction.

25 on Fifth is located 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.

“25 on Fifth was marketed with a previous firm for several months,” Comer says. “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.”

Comer adds that the buyer plans to renovate the property and sell the units as condominiums. “It is one of the few multifamily properties in the Bankers Hill neighborhood with a final subdivision map for condominiums.”