Trammell Crow Residential JV to develop new luxury residential high rise in San Diego

Cushman & Wakefield has represented AAA Management in the execution of a joint venture agreement of a 0.6-acre residential land development site in downtown San Diego’s Little Italy neighborhood. The buyer was Trammell Crow Residential (TCR), which recently broke ground on Simone, a new 36-story, 612,000-square-foot luxury residential high-rise located on the site at 1401 Union St. Simone is a joint venture between TCR, Pacific Life Insurance Company and AAA Management.

“We have continued to see healthy capital interest in San Diego, despite the pandemic, and with investor sentiment for development projects remaining strong due to the long development timelines,” said Kevin Nolen of Cushman & Wakefield. “There have also been several stabilized multifamily sales in the area that have led to clarity on the exit pricing for developers.”

The site is bounded by Union, Ash and Front streets and occupies half of a city block. The new Simone residential commu