Canyon Partners Real Estate and MG Properties announced they have acquired Shift Apartments, a multifamily community in San Diego’s Downtown submarket, expanding the buyers’ exposure to a core coastal market where they see durable demand drivers tied to jobs, transit access, and ongoing neighborhood investment.
Completed in 2018, Shift Apartments includes two residential towers, a 21-story building, and a five-story component, totaling 368 units. The property also features 18,840 square feet of ground-floor retail and a 501-space structured parking garage, positioning it as a mixed-use community serving both residents and the surrounding Downtown area.
The buyers highlighted the asset’s unit mix and finish quality, noting modern interiors, including quartz countertops, kitchen islands, designer kitchen and bath fixtures, and stainless steel appliances. On-site amenities include a fitness facility, dog park, EV charging, and a co-working space with WiFi and private offices. The upper floors include an amenity deck with a pool, spa, and sky lounge, as well as grilling and gathering areas oriented toward views of San Diego Bay and the Downtown skyline.
Shift sits in East Village with walkable access to major activity nodes, including Petco Park and the Gaslamp Quarter, and is a short drive from Little Italy, Seaport Village, and Balboa Park. The nearby Park and Market Trolley Station links the community to employment corridors across the county, including UC San Diego, Sorrento Valley, and Naval Base San Diego, supporting a commute profile that can appeal to both traditional office and defense-related workforces.
The acquisition also underscores Canyon’s continued activity in California real estate, where the firm said it has provided equity and debt capital for more than two decades. Canyon reported it has capitalized approximately $7.1 billion of total projects across asset types in California, and over the last 15 years has invested more than $7.9 billion of debt and equity capital across 274 transactions tied to roughly $33.6 billion of real estate assets. MG Properties, a vertically integrated owner-operator headquartered in San Diego, said its portfolio includes more than 32,000 rental homes across 114 communities spanning multiple Western and Sun Belt states, with a focus on multifamily investment, redevelopment, and management.
KEY QUOTE:
“East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego’s major employment centers.”
Jeff Gleiberman, President, MG Properties
