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11/04/16
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The Quarry Apartment Homes, a 60-unit, luxury res property in La Mesa, sold for $17 mil ($283k/unit). The property is at 4330 Palm Ave, west of Hwy 125 and north of Hwy 94.
The apartment community is made up of three, three-story buildings and was built in May 2015. The property has 43.8k sf of residential space and is situated on 1.59 acres.
The Quarry features one- and two-bedroom floor plans with an average unit size of 717 sf. The apartment features fully equipped kitchens with granite countertops, espresso cabinetry, and stainless GE appliance packages including electric ranges, microwaves, dishwashers and refrigerators. Select homes include kitchen islands or breakfast bars. All homes feature hard surface plank vinyl flooring, oversized windows/sliders, central air and full-sized stacked washers/dryers.
The common areas feature a barbecue area and photovoltaic solar panels, which are expected to cover most of the common area electric charges. Collier Park, located across the street, spans more than seven acres and includes lighted tennis courts, playgrounds, barbecue areas, picnic tables and large grassy lawns.
Kevin Mulhern and Rachel Parsons of CBRE represented the seller, Silvergate Development, based out of San Diego, and the buyer, an affiliate of John Jaffe Company LP.
“La Mesa is regarded as the gateway to East County, just 11 miles from downtown San Diego and 15 minutes to the Pacific Ocean,” said Parsons. “Approximately 80 percent of La Mesa’s rental stock was built in the 60’s and 70’s, and only 10 projects have been completed in the past 10 years. There is significant demand for newly developed projects within La Mesa, and The Quarry’s location walkable to the historic Main Street and the trolley, along with its outstanding construction and design, make it an exceptional project.”
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