16-Unit Multifamily Property in San Diego Sells for $7.25MM

San Diego, Colliers, Sandpiper Apartments, South Mission Beach

San Diego, Calif. –– Colliers today announced the sale of Sandpiper Apartments, a completely renovated 16-unit multifamily property located at 715 Cohasset Court, San Diego, CA 92109. Positioned 100 steps to the boardwalk and directly adjacent to the affluent South Mission Beach, the asset was fully stabilized, 100 percent leased before disposition, and sold for over $1,000 per square foot. Colliers Executive Vice President, Peter Scepanovic, and Senior Vice President, Corey McHenry, represented the seller in the transaction.

“Sandpiper Apartments delivered a rarely offered long-term asset,” said Scepanovic. “This highly desirable property and location attract upscale residents with substantial income and strong credit ratings. With the influx of high-paying tech and biotech companies continue to enter the region, San Diego’s multifamily investment market remains firm.”

Interior property upgrades featured quartz countertops in kitchens and baths, white shaker cabinets in kitchen and baths, luxury vinyl plank flooring throughout, in-unit stackable washer/dryers, upscale front doors with keyless entries, modern paint, baseboards, and molding. Exterior renovations included a new roof, vinyl windows, stucco patch repair, fresh paint, landscaping, code security gates, and a BBQ/lounge area. The property also features a rooftop deck with 360 views of the Pacific Ocean and Sail Bay.