San Diego real estate
770 Washington St. Photo credit: Screen shot, Google Street View

An approximately 1.08-acre site in Hillcrest slated for new housing has been sold for $20.5 million.

The buyer was SRM Hillcrest, LLC, which plans to develop a new Class-A multifamily apartment community on the Washington Street property.   

Located at 770 Washington, near state Route 163, the existing two-story office building and structured parking on the site will be demolished.

Kevin Nolen, Tim Winslow and Jason Kimmel with Cushman & Wakefield represented the unidentified seller in the transaction.

Hillcrest, Nolen noted, is a hot spot for developers seeking prospects for new housing.

“This is a prime site ready for residential redevelopment to accommodate the growing workforce and add Class A stock to a shortage of housing supply in the area,” he said.