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September 20, 2018
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MULTIFAMILY NEWS
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Private Investor Pays $700/sf for Exotic Gardens

2/28/18

Exotic Gardens, a 21-unit apartment community in San Diego, sold for $10.7 mil in a recent investment buy. The property, located at 4319 Mississippi St, west of I-805 and just north of El Cajon Blvd in the city’s University Heights area, was 76% leased at the time of sale.

Built in 2017, Exotic Gardens features spacious one- and two-bedroom floor plans ranging from 586 sf to 985 SF. Each unit features 12’ or 18’ ceilings, quartz countertops, LED lighting, custom cabinetry, and a washer/dryer. Select units feature 9’ x 10’ tall roll-up doors and a spacious patio/balcony. Community amenities include an outdoor fire pit, on-site storage, covered parking, and bike racks.

Tyler Sinks and Ed Rosen of Berkadia represented the seller, Boardwalk Development Inc. The buyer was Jefferson Square LLC. Exotic Gardens sold for over $500k per unit and over $700/sf.





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