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4/08/16
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A 24-unit apartment complex in Alpine, CA sold for $3.825 mil, or $159.4k/unit. The 22.1k sf property is situated on a 36.2k sf lot at 1319 Marshall Rd, just south of I-8, about 30 miles east of downtown San Diego.
Built in 1986, the property consists of a two-story building and another two-story building over parking. The buildings offer two floor plans including 12 two-bedroom/one-bath units and 12 two-bedroom/two-bath units.
Within the last year, substantial improvements have been made to the property, including new landscaping, repainting the exterior, new railings and new copper plumbing. Other amenities include on-site covered parking, an on-site laundry facility, and a gated pool.
The seller, Robert Keilholtz of Solana Beach, was represented by Kelly O’Connor of ACI. The buyer was repped by Keith Courtney, also with ACI. The property closed at a 5.2% cap rate and a 10.9 GRM.
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