San Diego, CA – March 4, 2025 – Pacific Coast Commercial, a leading real estate brokerage, is pleased to announce the successful sale of University Crest, a 22-unit apartment complex with an adjacent residence, located at 1025 W. University Avenue and 3905 Ibis Street, San Diego, CA 92103, in the highly desirable Hillcrest neighborhood. The property was purchased for $6,925,000 on February 28, 2025.
University Crest Apartments, situated on a corner lot at the end of a quiet cul-de-sac, offers a prime location on the west side of Hillcrest, just a block from University Avenue.
The apartment complex consists of twenty-one 1-bedroom/1-bathroom units (averaging 657 SF) and one 2-bedroom/1-bathroom unit (921 SF), totaling 19,146 rentable square feet. The adjacent 1,452 SF SFR is likely to be demolished. The total land area is approximately 21,248 SF.
The acquisition presents a covered land play opportunity, as 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 SF, based on an 8 FAR (Floor Area Ratio). The property currently generates an approximate NOI (Net Operating Income) of $240,000.
"This transaction highlights the continued demand for multi-family properties in San Diego's desirable neighborhoods," said Ken Robak of Pacific Coast Commercial, who represented the seller. "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. Floit Properties, the buyer, specializes in investment, development, and management across all asset classes, including multi-family, self-storage, retail, office, and industrial.
"We are thrilled to have facilitated this transaction and see the property transition to new ownership that can maximize its potential," said David Dilday, also of Pacific Coast Commercial, who represented the seller.
The sale was completed as part of a 1031 reverse exchange. Ken Robak and David Dilday of Pacific Coast Commercial represented the seller. Floit Properties was self-represented. The transaction was facilitated by Chicago Title, with Cameron Aldrich handling the title services and Sabrena Jackson overseeing the escrow services.
About Pacific Coast Commercial:
Pacific Coast Commercial is a leading real estate firm specializing in commercial and multi-family property sales throughout Southern California. With a commitment to client satisfaction and a deep understanding of the local market, the firm delivers exceptional service and results.
About Floit Properties:
Floit Properties is a family office real estate firm based in San Diego, California. Specializing in investment, development, and management across all asset classes, including multi-family, self-storage, retail, office, and industrial. Since 1982, Floit Properties has strategically assembled a diverse portfolio.
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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