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5/08/15
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Village North Senior Garden Apartments, a 120-unit, seniors residential complex in San Diego, sold for $14.775 mil, or $123k/unit. The property, located at 7720-7780 Belden St, west of the intersection of I-805 and the 163 Fwy, was acquired by San Diego Housing Commission (SDHC).
The 61.5k sf apartment complex features an access gate, clubhouse, laundry on-site, 24-hour emergency maintenance, and planned social activities. The units are equipped with air conditioning and heating units, large outdoor patio space and plenty of storage. Village North is in walking distance to a bus stop and close to the Balboa and Genesee shopping centers and medical facilities.
Jim Neil, Eric Comer and Merrick Matricardi of the CBRE Multifamily team represented the buyer in the deal. The sellers, Village North LLC and Belden Village LLC, repped themselves.
“The Village North acquisition represents a unique opportunity for the Housing Commission to create additional affordable housing for seniors on a well-located and well-maintained asset,” says Neil.
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