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MULTIFAMILY NEWS
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San Diego Multifamily Property Traded for $9.7 Mil

3/26/19

Pacific Crest Apartments, a 44-unit residential complex located in the Imperial Beach area of San Diego, traded hands in a recent $9.7 mil ($220.5k/unit) transaction. The 32.8k sf property sits on just over one acre at 1030-1042 15th St, west of I-5 and south of Palm Ave, just minutes from downtown San Diego and Balboa Park.

Built in 1975, Pacific Crest Apartments consists of 26 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. There is ample on-site parking, two laundry rooms and two large common patios. Many of the units have upgraded kitchens, baths, paint, and flooring. There was one unit vacant at time of sale that was being renovated.

Mark Morgan of ACI represented the buyer, Del Coronado Villas LLC, a Mar Group company that intends to substantially upgrade the asset. The seller, Rodney A. Johnson Trust, was repped by Dave Savage of ACI. The property sold at a cap rate of 4.5%.





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