Broe Real Estate Group (BREG), the real estate affiliate of the multi-billion-dollar Colorado investment firm The Broe Group, has acquired 525 Olive in San Diego, its first project in Southern California’s multifamily market. The 20-story, 204-unit luxury apartment building opened in August 2022 in San Diego’s Bankers Hill neighborhood and earned CoStar’s 2023’s multifamily project of the year. The all-cash transaction was completed in 60 days. Walker & Dunlop’s Hunter Combs advised on the transaction.
“525 Olive is San Diego’s premier luxury living community in San Diego’s most desirable submarket,” said BREG Senior Vice President of Investments Milan Gutesha. “San Diego’s dynamic economy, high-quality work force and exceptional quality of life made this market a priority for our multifamily expansion. This acquisition reflects the very best of San Diego as we continue to explore further market expansion.””
Located on an elevated mesa next to the 1,200-acre Balboa Park, the Class AA multifamily property combines unparalleled proximity to the park with unobstructed and expansive views of the downtown skyline and the sunsets over the San Diego Bay. 525 Olive’s signature 20th-floor SkyClub hosts a rooftop swimming pool, sun club and lounge.
“Broe’s award-winning multifamily communities all combine exceptional location, luxury, and quality. 525 Olive embodies these core pillars,” said BREG Executive Vice President of Portfolio Management Brian Chen. “This is a generational investment, and we are committed to building enduring relationships with the community and residents.”
Founded in 1972 by industrialist Pat Broe, The Broe Group manages a $7 billion portfolio of multifamily, commercial, industrial, and rail assets.
