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6/22/15
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Park Grove Apartments, a 98-unit, 58.8k sf multifamily property in San Diego, sold for $9.65 mil, or $98.5k/unit. The property is located at 3635-75 College Ave, between El Cajon Blvd and the 94 Fwy.
Located on an approximately 70k sf parcel, the two-story, six-building property was built in 1963. The unit mix is comprised of 45 two-bedroom/one-bathroom units and 53 one-bedroom/one-bathroom units. Park Grove Apartments is located just two miles from San Diego State University and is easily accessible from I-94.
Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented the seller, the William R. Mundt Trust, and the buyer, 3635 College Ave LLC. The buyer plans to rebrand the multifamily property and complete major interior and exterior upgrades.
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