Parkline North Park

Whitewater Commercial Real Estate is pleased to present Parkline, a 94-unit, six-story multifamily community in the heart of San Diego’s North Park, one of the region’s most walkable and sought-after urban neighborhoods. The property is offered at $39,000,000, or $414,894 per unit.

Completed in 2023, Parkline offers the opportunity to acquire a nearly new, institutional-quality multifamily asset at a basis materially below today’s replacement cost. An incoming owner gains the quality and operating efficiency of new construction without the entitlement, construction, cost-overrun, lease-up, or stabilization risk of a ground-up development.

Parkline is currently 98 percent occupied, demonstrating strong absorption and renter demand for modern, efficiently designed residences at an attainable monthly rent. In a high-barrier-to-entry North Park submarket dominated by older multifamily inventory, Parkline occupies a differentiated position as recently completed institutional-quality product.

The offering provides a stabilized rent roll, modern building systems, minimal near-term capital requirements, and additional paths to net operating income growth through expense normalization, future lease rollovers, and increased parking and commercial income.

Parkline’s 2023 completion secures a 15-year statutory exemption from California’s AB 1482 rent control, running from its Certificate of Occupancy. That gives an incoming owner unrestricted room to move rents to market on renewals and turnover.