(EDITOR’S NOTE: According to a source familiar with the transaction, the property sold for $43.25 million, or about $325,188 per unit.)
SAN DIEGO, CALIFORNIA (April 8, 2021) – NorthMarq’s Kyle Pinkalla, managing director – San Diego, and Shane Shafer, managing director – Newport Beach, completed the sale of The Cove in La Mesa, California.
NorthMarq represented IEC, who sold the property to Bridge Investment Group based in Salt Lake City, UT. The apartment complex, located at 7400 Parkway Drive, La Mesa, California, is 133-units. The buyers plan to invest roughly $10,000 per unit in interior and exterior renovations.
Built in 1976, the property consists of nine two-story buildings on 6.14 acres of land occupying a rentable area of 107,725 square feet. The Cove encompasses 84 one-bedroom units measuring 750 square feet each, 44 two-bedroom units measuring 900 square feet each, and five three-bedroom units measuring 1,025 square feet each.
“There is an extreme amount of capital looking to be placed in San Diego, since the city has so little new product coming to market. In this case, we had strong investor interest in this listing due to the strong employment projections and few investment opportunities,” said Pinkalla.
