Pacific Urban Investors Acquires Gaslamp Portfolio

Multifamily owner-operator and investment manager Pacific Urban Investors acquired a 251-unit multifamily portfolio in the Downtown Gaslamp area of San Diego, CA, on December 13, 2024. Comprised of two communities – the 106-unit Sixth&G and 145-unit Seventh&G – and 17,287 square feet of retail (the “Portfolio”), the properties were renamed Vela and Nova, respectively. This marks Pacific’s 24^th acquisition in the San Diego Market.

The Portfolio is 100% market rate and located in the heart of the Gaslamp Quarter – San Diego’s entertainment capital. Gaslamp is home to innovative eateries, extravagant cocktail bars, and a wide variety of entertainment offerings. Propelled by PETCO Park, the Convention Center, Balboa Park, USS Midway, and world-famous San Diego Zoo, Gaslamp benefits from strong tourist activity. Exceptionally walkable, the Portfolio offers a prime Downtown location, with over one hundred restaurants, shops, and bars packed into a handful of blocks. In addition to being the epicenter of San Diego’s nightlife and entertainment, Gaslamp is near significant downtown employment of over 78,000 jobs.

Constructed 2006-2008, the Portfolio is comprised of five- and eight-story mid-rise buildings over two or three levels of subterranean parking offering thirty-nine total floorplans with central air conditioning and in-unit washers and dryers. Half of the units have balconies or patios, a competitive advantage Downtown. Ceiling heights are ten feet with top floor units at twelve to thirteen feet and some ground floor units at sixteen feet. Amenities at Vela include indoor/outdoor fitness center with free weights and a resident lounge with outdoor seating space featuring Gaslamp Quarter views. 10,797 square feet of ground floor retail is 100% occupied by Ace Hardware (only hardware store Downtown), Fig Tree Café, and Matte Blvck Cuts & Shaves. Amenities at Nova include central courtyard sundeck with cabanas, barbeques, fire pit, fitness center with views and 6,490 square feet of ground floor retail which is 100% occupied by popular Breakfast Republic, its spinoff Eggies, and local nightlife hotspot Neighborhood Bar with speakeasies Noble Experiment and Youngblood.

Pacific Urban Investors is committed to preserving the distinctive character and identity of the Portfolio while introducing new initiatives aimed at further enhancing the resident experience. The company plans to invest in enhancing the community’s amenities, including enhanced communal areas for residents to connect and engage, and select upgrades to resident unit interiors.

“The Gaslamp Quarter is a compelling investment location not just from its well-known urban walkability but also due to its strategic waterfront adjacency, San Diego International Airport proximity, and diverse mix of $8.9 billion of active life science, lifestyle retail, and commercial developments. The Portfolio offers a coastal urban living experience with open floor plans, above standard height exposed ceilings, plentiful glass and light, all within proximity to significant employment and abundant retail.” said Grant Geisen, Senior Vice President of Investments at Pacific.

Pacific’s President Rory Gardner commented “We are delighted to expand our San Diego holdings, for the first time, into the urban core. Vela and Nova are welcome complements to our growing Southern California portfolio. Irrespective of recent turbulence in the financial markets, we invest with a long-term focus and therefore are actively seeking additional San Diego investments across all our strategies; including direct multifamily acquisitions and development opportunities.”