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MULTIFAMILY NEWS
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La Mesa Residential Asset Purchased for $14 Mil

6/06/18

Rimrock Apartments, located at 8420 Buckland St in La Mesa, was purchased for $14.1 mil by Joehnk LLC, a Wyoming-based closed limited liability company. The 62-unit ($227.4k/unit), garden-style residential community provides the buyer a value-add opportunity.

Built in 1974, Rimrock Apartments is a well-maintained residential complex. The property has undergone renovations to the exterior and select interior units, but approximately 70% of the units are in the original condition.

Rimrock Apartments consists of 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans with community amenities including a pool, a spa and a shared laundry room. The property is located near numerous big-box retail, services and restaurants. Grossmont Transit Center which is served by the San Diego Trolley system is half a mile away.


The seller, Rimrock LP and Partners LLC, was represented by Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun with Kidder Mathews.





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