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7/02/14
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Century Arms Apartments, a 30-unit, 22.8k sf multifamily property in Imperial Beach, sold for $3.6 mil, or $120k/unit. The property is located at 1471 13th St, south of Imperial Beach Blvd and west of I-5.
The fully occupied complex was built in 1977 and is comprised of 14 one-bedroom/one-bathroom and 16 two-bedroom/one-bathroom apartments.
Savvas Marinos and Daniel Foley of Colliers International represented the buyer, Kruetzkamp Family Trust, and the seller, Kromydas Family Trust. Upon completion of extensive renovations the buyer plans to continue renting the apartments for investment purposes.
“There is a lack of inventory and strong demand for rental housing in the sub-market of Imperial Beach,” said Marinos, Senior Vice President of Colliers International, “It is a testament to what is taking place across San Diego County: low vacancy rates, paired with limited supply, will continue to create significant demand for investors in the multifamily sector.”
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