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8/18/16
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Waring Gardens Apartment Homes, a 36-unit residential property in San Diego, was purchased by East Eight LLC for $7.45 mil, or $207k/unit. The property is located at 5320-5340 Adobe Falls Rd, off I-8 in the city’s Grantville neighborhood.
Built in 1980, the complex consists of three, two-story buildings. The buildings total 29.6k sf and feature one- and two-bedroom floor plans, with an average unit size of 822 sf. All units include air conditioning, carpeted floors and walk-in closets. The community amenities include a swimming pool, spa, picnic area with barbecue, common laundry room and limited tucked-under garage parking.
Waring Gardens is minutes from San Diego State University and is within a five-minute drive to Mission Valley, which offers abundant shopping, employment, entertainment, public transportation and more. It is also in proximity to Qualcomm Stadium, Mission Trails Regional Park and Lake Murray.
Eric Comer, Jim Neil, and Merrick Matricardi with CBRE represented the seller, Waring Gardens LP, based out of San Diego. The buyer was repped by Debbie Wong from Performa Property Management.
“This is a solid investment because the property is well maintained and conveniently located off Interstate 8,” said Comer, senior vice president of CBRE in the San Diego region. “Furthermore the apartment interiors are mostly in original condition allowing the investor to add value with renovations to increase rents.”
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