PREF Hillcrest, an affiliate of the San Diego-based Paragon Real Estate Fund, has purchased a 29,210-square-foot mixed-use property from Hillcrest Fifth Avenue and Hillcrest Retail Development for $13.33 million. The property is located in the vibrant Hillcrest neighborhood of San Diego.

The property consists of five ground floor retail spaces, which are currently leased to a variety of restaurant tenants, and seven residential units. The project comprises four adjacent buildings along Fifth Avenue that were constructed and renovated between 1950 and 2013.

Paragon is a privately-held real estate investment company, led by Messrs. Roberto Jinich, Ricardo Jinich, and Dan Berkus. The Firm manages a growing portfolio of stabilized assets through its flagship fund, Paragon Real Estate Fund. The Fund seeks to acquire high quality urban retail and mixed-use real estate throughout the United States.