Watt Commercial Properties Sells Acqua Vista, Luxury Condominium Project in Downtown San Diego, to K. Hovnanian Companies of California, Inc
LOS ANGELES--(BUSINESS WIRE) -- June 1, 2004 -- Watt Commercial Properties has sold Acqua Vista, its recently completed 382-unit luxury high-rise condominium project, to national homebuilder K. Hovnanian Companies of California, Inc., for $106 million. Acqua Vista’s twin 18-story towers, connected by a podium of five and eight-story buildings with two interior courtyards, covers an entire city block in the downtown San Diego district known as Little Italy.
“We originally conceived Acqua Vista as a luxury apartment project. Based on the market demand for urban for-sale housing and the quality and location of this project, we developed it as condominiums,” said Jonathan Genton, vice president of development for Watt Commercial Properties. “K. Hovnanian is a national homebuilder that is well-positioned to market this dynamic project and urban lifestyle.”
Watt Commercial Properties is an experienced developer of multifamily, retail, office and industrial properties. The firm is applying its combined expertise to develop urban in-fill properties throughout California and in other select western states. In addition to Acqua Vista, Watt Commercial Properties is currently underway on the historic restoration and repositioning of the former First National Bank building in downtown San Diego. It is being recreated as the Broadway Lofts with 84 live/work lofts atop 16,000 square feet of retail.
About Watt Companies
Watt Companies, Inc. is one of the most experienced and largest owners, developers, and managers of commercial and residential real estate in the Western United States. With more than 40 years of experience, Watt has a proven track record of providing real estate services to institutional investors, high net worth investors, and real estate partners. Watt Companies, Inc. currently manages over 10 million square feet of retail, residential, office and industrial assets. Watt has also developed over 8 million square feet of commercial and residential properties. For more information, please visit www.wattcommercial.com.
