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May 24, 2022
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MULTIFAMILY NEWS
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Chula Vista Res Property Sells for $230 per Unit

12/29/21

Positive Investments paid $6 mil for The E Street Apartments, a 26-unit ($230.8k/unit) apartment complex in Chula Vista. The 13.5k sf property is located on a 27k sf lot at 585 E St.

The E Street Apartments, constructed in 1967, consists of 23 one-bedroom / one-bath units, two two-bedroom / two-bath units, and one three-bedroom / two-bath unit. Tenants at The E Street Apartments enjoy a community pool, community laundry room, and on-site parking.

Dave Savage of ACI Apartments represented the buyer in the deal. Brooks Howard of Krone & Bushard repped the seller, Edificio Paloma LLC. The value indicators at time of sale were: Gross Rent Multiplier of 12.4 and a cap rate of 3.8%.





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