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8/28/15
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The Tides Apartments, a 30-unit, 12.8k sf multifamily property in La Jolla, was purchased by a private investor for $8.55 mil ($285k/unit). The property is located at 7431 La Jolla Blvd, just south of Pearl St and a few blocks east of the beach.
Built in 1968, The Tides Apartments is three stories in height and consists of a unit mix of 18 studios and 12 one-bedroom/one-bath units. The property features many units with patios or balconies that have ocean or La Jolla-area views.
Peter Scepanovic , and Corey McHenry of Colliers International Multi-Family Advisory Group along with Victor Krebs, also with Colliers International, represented the seller, Zwack Trust, et al. The property has been under the same family ownership for the past 47 years. The buyer, LJ Tides LLC, purchased The Tides Apartments with plans to renovate and reposition the property in the market.
“Multifamily properties rarely trade in La Jolla, and this is a premier value-add opportunity in one of Southern California’s strongest multifamily submarkets,” said Scepanovic, Senior Vice President at Colliers International.
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