Pacific Coast Commercial facilitates sale of University Crest for $6.93 million
- Pacific Coast Commercial
- 1 day ago
- 2 min read
Daily Transcript Staff Report
San Diego Daily Tribune
March 25, 2025
Pacific Coast Commercial facilitates sale of University Crest apartments for $6.93 million University Crest, a 22-unit apartment complex with an adjacent residence in Hillcrest, has been sold for $6.93 million, the real estate brokerage Pacific Coast Commercial announced March 4.
The sale was completed Feb. 28 as part of a 1031 reverse exchange. Ken Robak and David Dilday of Pacific Coast Commercial represented the seller. Floit Properties, which bought the asset, was self- represented. The transaction was facilitated by Chicago Title, with Cameron Aldrich handling the title services and Sabrena Jackson overseeing the escrow services.
Located at 1025 W. University Ave. and 3905 Ibis Street, the complex consists of 21 1-bedroom/1- bathroom units (averaging 657 square feet) and one 2-bed/1-bath unit that is 921 square feet in size. The adjacent 1,452-square-foot single-family residence is likely to be demolished, Pacific Coast Commercial said.
“This transaction highlights the continued demand for multifamily properties in San Diego's desirable neighborhoods," Robak said in a statement. "We are excited to see how the new ownership will leverage this prime location."
The seller, University Crest Apartments, LP, had owned and operated the property since its construction in 1970. "We are thrilled to have facilitated this transaction and see the property transition to new ownership that can maximize its potential,” said Dilday.
The buyer Floit Properties specializes in investment, development, and management across all asset classes, including multifamily, self-storage, retail, office, and industrial.
University Crest is situated on a corner lot at the end of a quiet cul-de-sac for a prime location on the west side of Hillcrest, just a block from University Avenue.
The property is located in Tier 2 of the city of San Diego’s Complete Communities Housing Solutions (CCHS) program. This allows for a maximum allowed gross building area of approximately 170,000 square feet, based on an 8 FAR (Floor Area Ratio). The property currently generates an approximate net operating income of $240,000.
CONTACT INFORMATION
DAVE DILDAY
Director, Land Development & Investment Sales
(619) 200-9787
Lic. 00976203
KEN ROBAK
Executive Vice President
(619) 666-4600
Lic. 01236527
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