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7/23/19
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San Diego-based DMJ Capital Partners, has purchased a value-add multifamily project consisting of a single, seven-unit building for $4 mil. The property is located at 2308 Albatross St in the Bankers Hill neighborhood, just minutes away from Downtown, Little Italy, Balboa Park and the San Diego International Airport.
The project was built in 1979 and is currently comprised of all two-bedroom/two-bath apartments. The units offer open floor plans with unobstructed panoramic views of Downtown, the San Diego Bay and Point Loma, along with private balconies and significant onsite parking. DMJ plans to convert the project from seven to nine units and complete a comprehensive modernization of the exterior and interior of the units to enhance the overall quality of the property.
Bankers Hill has a very strong rental market and considered one of the most popular communities in San Diego. It offers spectacular views, gourmet dining, shopping, and entertainment options. Because of its central location and trendy uptown vibe, it is a highly desirable location for young professionals.
DMJ Capital Partners was represented by Cody Evans of South Coast Commercial. The seller was repped by Adrian Gonzalez, also with South Coast Commercial. South Coast will also be handling the property management of the asset for DMJ Capital Partners.
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