Turquoise Street – The shopping strip at 751-63 Turquoise St. has been sold for $3 million. The buyer was the Wai Family Trust, and the seller was the Lentz Family Trust. Due to the high-interest-rate environment that the commercial markets are in, the buyer obtained financing directly from the seller. The property is located within the La Jolla School District, the building size is 5,302 square feet, and the lot size is 12,000 square feet. This was an off-market transaction, and the escrow length was 40 days. On the same block, a 44-unit apartment building is replacing Pernicano’s Italian Restaurant. About one block away, another landlord has proposed a 22-story high-rise, including 213 total units. The Franco Realty Group, led by Tony Franco, represented the buyer and seller

Garnet Avenue – The former sushi restaurant at 2662 Garnet Ave. sold for $3.7 million. The buyer was Rose Creek Village LP. The buyer obtained various government loans, including a $4 million loan from the City of San Diego. The plans include constructing a five-story, 60-unit low-income housing called Rose Creek Village. This is the first 100% affordable housing complex in a San Diego beach community. The Franco Realty Group, led by Tony Franco, represented the seller. This was Franco’s 20th sale along Garnet Avenue.

Various community leaders have argued the need to build beyond the 30-foot height limit to combat the housing crisis. The project is not a homeless shelter. Teachers, firefighters, and other jobs that meet the low-income criteria will be able to lease an apartment unit. Others have argued that they do not want this type of project in their neighborhood. Due to the slow-moving approval process on multiple state levels, the escrow length was 1,118 days.