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8/14/18
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Winslow Family LP, a local real estate investor, purchased 4290 Mount Abernathy, a 26-unit apartment building located in the central Clairemont area of San Diego, for $6.9 mil ($265k/unit). The property is located west of I0805 and north of Balboa Ave.
The apartment building was built in 1980 and underwent an extensive, condo quality renovation in 2008. The sale price represented a 4.3% cap rate on in-place income and expenses. The property was the buyer’s upleg of a 1031 Exchange. The asset offers the buyer secure in-place cash flow in a market that provides upside in rent achievement.
Jim Neil, Eric Comer and Merrick Matricardi with Kidder Mathews represented the buyer. The seller represented themselves in the transaction.
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