JV Equity for Development of 221 Unit Class A Residential Tower in San Diego

April 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the development of 330 Thirteenth, a 221-unit, 23-story, Class A+...

April 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the development of 330 Thirteenth, a 221-unit, 23-story, Class A+ residential tower straddling downtown San Diego’s Ballpark District/East Village neighborhood.

HFF worked on behalf of the developer, The Richman Group (Richman), to arrange a joint venture equity partnership with American Realty Advisors (American), who contributed equity for the project.

Due for completion in 2018, 330 Thirteenth will be situated on a .92-acre site adjacent to the new $184 million San Diego Central Library in San Diego’s desirable Ballpark District/East Village neighborhood.  The project is being designed by Los Angeles-based DesignARC and San Diego-based Rob Wellington Quigley, FAIA, the firm responsible for the new library that was 30 years in the making.  The 240-foot tower will encompass approximately 207,401 rentable square feet of residential space, 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking.  Studio, one- and two-bedroom floor plans ranging from 430 to 1,191 square feet will be offered, and units will have luxury finishes and private balconies offering views of the Pacific Ocean and San Diego skyline.  Community amenities will include a swimming pool and spa; fitness center; yoga studio; game room with lounge; and resident sky lounge that overlooks the Central Library’s iconic dome.

The HFF equity placement team was led by senior managing directors Aldon Cole and Tim Wright and director Hunter Combs.

“The project, also known as Library Tower given its prominent setting, was thoughtfully planned and engineered by a seasoned Richman team and attracted a wide range of investment interest,” Cole said. “We were pleased to see the formation of the partnership between Richman and American, both of whom share a long-term commitment to building a legacy asset.”

[button href=”https://www.hfflp.com/media-center/press-releases/139153/hff-arranges-joint-venture-equity-for-residential-tower-development-in-downtown-s.aspx” style=”emboss” size=”medium” color=”#dd3333″ target=”_blank”]Source: HFF[/button]

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CommercialDevelopmentMultiFamilyNationalPrivate EquityReal Estate FinanceSan DiegoWest

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