How much will a San Diego law school student pay in rent?

It’s a good question for Security Properties of Seattle, which made the first purchase of a complex with more than 100 units that downtown San Diego has seen in three years.

Security Properties of Seattle picked up the 172-unit Entrada Apartments on 13th street in the East Village, a few blocks from Petco Park, for $22 million. That’s about $127,000 per unit.

This seems like a steal.  Up the block, the future home of the Thomas Jefferson School of Law is under construction (you can watch on their webcam).

But there’s work to do. Security Properties says performance needs improvement. The company says that will happen when the law school relocates to downtown in January. If this devastating review is a guide, the building’s management has had some problems.

SRM Development put up the building in 2004 with a $3.5 million loan from the Centre City Development Corporation, downtown redevelopment agency. The complex has 40 units set aside for low-income housing.

Under a deal with Security Properties, CCDC will receive $600,000 up front and annual payments of $145,000. The $2.9 million balance will be fully paid off in 2015.