An affiliate of Sares Regis Group has plans to renovate its recent acquisition of LIT Cortez Hill (formerly known as AVA Cortez Hill), a 299-unit high-rise apartment property located at 1399 9th Avenue in downtown San Diego, Calif.
PCCP provided a $76 million senior loan for the acquisition and renovation.
“PCCP’s loan will provide Sares Regis with financing for a rare opportunity to acquire a well-designed and institutionally managed high-rise apartment community with an abundance of outdoor amenity space in the secluded and desirable Cortez Hill neighborhood of downtown San Diego,” said Michael Johnson, senior vice president with PCCP. “A portion of the funding will be used to add value to the property by making renovations to the asset in order to attract renters seeking a modern, updated rental community.”
The 15-story property is comprised of 299 units and 1,670 square feet of ground-level retail with a unit mix consisting of 97 studios, 117 one-
