A 144-unit workforce apartment complex in Southeast San Diego just changed hands for $30 million, wrapped up in a brisk 37 days so a 1031 exchange buyer could beat the tax clock. Creekside Villas, near the 47th Street trolley station, comes with owner-funded upgrades and potential for accessory dwelling unit development, and brokers say the deal happened off-market. The rapid close underscores how hungry investors remain for well-located workforce housing in the region.
Deal details
According to Connect Commercial Real Estate, Matthews arranged the $30 million sale of Creekside Villas at 220 47th St and lined up a 1031 exchange buyer who was staring down a looming deadline. The firm closed the transaction 37 days after the contract was executed.
EVPs Stew Weston and Rosie Cooper represented the seller. In a statement to Connect Commercial Real Estate, Weston said, "San Diego continues to be one of the most resilient multifamily markets in the country, particularly for well-located workforce housing." Ownership had already put more than $2.5 million into capital improvements, and the site offers additional upside through potential ADU development, according to the report. The trade was the fifth multifamily sale of more than 100 units in San Diego within the past year.
Property details and location
Yardi Matrix lists Creekside Villas at 220 47th Street as a 144-unit complex built in 1989, totaling roughly 132,020 square feet in the Southeast San Diego submarket. The San Diego Housing Commission’s compliance roster lists the community with 43 affordable units, underscoring its partial affordable and workforce profile. That roster is publicly available through the San Diego Housing Commission.
Why 1031 buyers move quickly
Section 1031 like-kind exchanges come with strict timing requirements. Exchangers must identify a replacement property within 45 days and close within 180 days or risk losing the tax-deferred treatment of the swap, according to the IRS. That calendar can turn a routine search into a sprint, and when deadlines get tight, brokers and buyers often lean on fast, off-market transactions to get across the finish line.
Market backdrop
Yardi Matrix’s San Diego market report dated February 25, 2026, notes that advertised asking rents have slipped slightly while occupancy has held near 96.1 percent. That combination keeps capital trained on stabilized workforce assets that can deliver immediate cash flow. It also helps explain how a 144-unit property was able to draw a 1031 buyer ready to move at speed.
For the new owner, Creekside Villas offers current income, an existing affordable component and the chance to add value through renovations or ADUs. For brokers and investors, the deal is a reminder that when 1031 timelines, thin supply of 100-plus-unit properties and solid local fundamentals line up, San Diego multifamily trades can still move very fast.
