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3/12/15
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An 18-unit, 12.5k sf multifamily property in downtown San Diego sold for $6.2 mil, or $344k/unit. The property, located at 1941 Columbia St, just west of I-5, was purchased by Allen Properties Group 43.
Located on a 5k sf foot parcel, 1941 Columbia is a four-story building with fully enclosed, street-level parking on the first floor. The unit mix ranges from studios to three-bedroom units and penthouse lofts with San Diego Bay views.
Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group brokered the transaction on behalf of the buyer and the seller, Westventures LP.
1941 Columbia is a certified participant in the California Advanced Homes Program with SDG&E that features sustainable design elements including efficient hot water radiant heating, wiring for rooftop solar panels, three electric chargers, and cross-ventilated rooms with windows on two sides.
“This property is the ideal example of a high quality, recently constructed multifamily property in one of San Diego’s leading urban neighborhoods,” said Scepanovic, Senior Vice President at Colliers International, “This type of property is extremely appealing to developers and investors because of high achievable rental rates, strong rental demand due to a limited supply, and an opportunity for profitable long-term ownership.”
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