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1/04/20
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The Hornblend Apartments, an eight-unit multifamily complex in San Diego, sold for $2.885 mil, or $360.6k per unit. The 5.7k sf property, located on a 6.2k sf lot at 1468 Hornblend St in Pacific Beach, was purchased by GateHouse Multifamily LLC, led by Ralph Giannella.
Giannella has considerable experience in the acquisition and repositioning of older apartment buildings in San Diego for over 20 years. He has purchased, modernized and sold over 2,000 units in his career.
The Hornblend Apartments consists of five one-bedroom/one-bath units and three two-bedroom/one-bath units. A laundry room is located on-site for the tenant’s convenience. This property has the opportunity for increased rents. The rental rates at the property were very low for the area, ranging from $600/mo to $1,200/mo, at time of sale.
Plans for The Hornblend Apartments include a full interior and exterior modernization to give the building and individual apartments new life and bring them into 2021 and beyond.
Mark Morgan of ACI Apartments represented the buyer in the deal. Christina Labowicz, also of ACI, repped the seller, Marcus Hodges. The property commanded a premium due to the units being located less than ½ mile from the Pacific Ocean. The property was 100% occupied at time of sale.
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