SAN DIEGO, CA - Canyon Partners Real Estate and MG Properties announced their acquisition of the Shift Apartments, a multifamily building in the Downtown submarket of San Diego, CA.
Shift Apartments is comprised of a 21-story and 5-story multifamily community with 368 residential units, 18,840 square feet of ground floor retail space, and a 501-space structured parking garage. The property was completed in 2018 and includes units with high-quality finishes including quartz countertops and kitchen islands, designer kitchen and bath plumbing fixtures, and stainless-steel appliances.
Building amenities include a modern fitness facility, dog park, EV charging stations, and a co-working space with WiFi and private offices. The 21st floor also includes a sundeck, pool, spa, and sky lounge, which offers barbecue grills, bar seating, a fire pit, and clear views of San Diego Bay and the Downtown skyline.
The property is located in the East Village neighborhood of Downtown San Diego with walkable proximity to bustling pedestrian areas including Petco Park and the Gaslamp Quarter while being a convenient drive from Little Italy, Seaport Village, and Balboa Park. The Park and Market Trolley Station connect the property to major employment hubs throughout San Diego County, including UC San Diego, Sorrento Valley, and the Naval Base San Diego.
"East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego's major employment centers," said MG Properties President Jeff Gleiberman. "We are pleased to be expanding our apartment portfolio in San Diego and partnering with Canyon on this transaction, as this asset presents a unique opportunity to apply our operational expertise."
Canyon has been an active provider of equity and debt capital across California for more than two decades and continues to invest in high-quality real estate projects in major markets throughout the United States. Since its inception, Canyon has capitalized ~$7.1 billion of total projects across all asset types in the state of California.