Investor faces San Diego's affordable apartment challenge with purchase of Market Street Village
Sale/acquisition of the year for San Diego
Philadelphia-based BDP Impact Real Estate, which operates an investment fund in partnership with housing-focused nonprofit Community Solutions, acquired the 229-unit Market Street Village Apartments in downtown San Diego for $82.2 million in November 2024.
Local brokers and city officials said the transaction was significant for downtown's growing East Village, where the city has been looking to build up and maintain affordable housing stock. The region is known for apartment prices have increased significantly over the past decade.
Developer and investor BDP Impact, which oversees a portfolio of 823 residential units across six U.S. regions, scouted the San Diego region for three years to find a property that fit its focus of maintaining housing geared to residents earning 60% to 120% of the regional median household income.