SAN DIEGO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Casa Linda, a 43-unit apartment property located in San Diego, California. The asset sold for $15,370,000, equating to $357,441 per unit. This is the largest apartment transaction in the 92111 zip code for this year.
“This was a unique opportunity for the buyer to acquire apartments in an already in-demand submarket that continues to see growth, particularly due to the proximity of both the University of San Diego and Mission Valley,” says Ben Sierpina, senior associate in Marcus & Millichap’s San Diego Downtown office. “The large number of units made the asset even more desirable.”
The buyer, Urbaneer Investment Partners, a limited liability company out of Newport Beach, was procured by Sierpina and Raymond Choi, senior vice president investments, in the firm’s San Diego Downtown office. This transaction was the first time the property has been sold since its construction in 1972. The seller, a family trust that has owned the apartments since its construction, cashed out of the market and was represented by Robert Weinberger of RJW Properties, Inc. The buyer plans to renovate the property in order to meet the increasing rental demand in the Linda Vista neighborhood.
Casa Linda is located at 6675 Linda Vista Road in San Diego. The unit mix consists of eleven (11) two bedroom/one bath units, four (4) two-bedroom/one-and-one-half bath units, twenty-seven (27) one-bedroom, one-bath units, and one (1) non-conforming studio. Amenities include a courtyard, pool, on-site laundry and forty-two (42) off-street parking spaces.