News release

$64.4M sale of San Diego multi-housing community closes

JLL Capital Markets arranged the sale of the 99-unit Eighteen Ten State Street in the Little Italy neighborhood

December 14, 2021

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

SAN DIEGO, Dec. 14, 2021 – JLL Capital Markets announced today that it has closed the $64.4 million sale of Eighteen Ten State Street, a Class A, mid-rise multi-housing property located in San Diego’s premier neighborhood, Little Italy.

JLL worked on behalf of the seller, McMillin, LLC.

With a price per unit of $650,500, the eight-story community features units with luxury wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceiling, walk-in closets, in-unit laundry, quartz countertops stainless steel appliances and average floorplan sizes of 721 square feet. Community amenities include a village patio, a sky spa, a hotel-inspired lobby and a horizon lounge.

Located at 1810 State St., the community is proximate to Little Italy’s Mercato, the brand-new Waterfront Park and over 85 dining options. Along with its location offering a Walk Score® of 98, the community is also less than one mile from I-5, Pacific Highway, CA-163, the Trolley Green Line and Blue Line and Santa Fe Depot, as well as only three miles from I-15. In addition, San Diego International Airport is two miles from the property. Residents also have access to top employers within defense, healthcare, higher-education, life sciences and technology sectors due to the connectivity to Sorrento Mesa, UTC, Kearny Mesa, Mission Valley and downtown San Diego.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Darcy Miramontes, Director Kip Malo, Senior Managing Director Tim Wright and Associate Bharat Madan.

“JLL is proud to have closed the sale of Eighteen Ten State Street on behalf of McMillin,” said Miramontes. “With the strength of the San Diego market and Little Italy’s clear path for rent growth, the new owners have the opportunity to benefit from a stable, cash-flowing asset within this highly sought-after neighborhood.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About McMillin, LLC

Carrying on legacy of The Corky McMillin Companies, McMillin, LLC brings an extensive depth and breadth of experience from its development of 16 mixed-use, master-planned communities (including Liberty Station), shopping centers, commercial office and industrial parks, college dormitories, 30,000

residences and 2,000 military homes on seven bases, plus investments in institutional-quality multi-family and hospitality assets. McMillin has developed over 70 buildings totaling over 4.5 million square feet and sold over 10 million square feet of land. (mcmillin.com)