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10/27/15
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An 18-unit apartment complex in the East Village area of Downtown San Diego sold for $2.77 mil ($154k/unit). The property, located at 1028 14th St, north of Broadway and west of I-5, was acquired by Real Asymmetry Central LLC.
The 8.4k sf, three-story building was built in 1925 and underwent a full renovation in 2006. The updates included new electrical, plumbing, roof, kitchens, bathrooms, light ¬fixtures, and interior corridors.
The property is comprised of one studio and 17 one-bedroom/one-bath floor plans that average 418 sf in size. The apartments feature new high quality dual pane vinyl windows, updated kitchen vanities with granite countertops, built in breakfast bar, walk in closets, dishwasher, microwave, community laundry room, large common area patio and downtown views from selected units.
The complex boasts a desirable location near to numerous restaurants, night clubs, galleries, retail shops and is less than one block from San Diego City College. The transit-rich area allows for easy access to the airport, harbor, trolley and an extensive network of freeways and highways. Additional nearby attractions include: Balboa Park, the San Diego, Zoo, the Gaslamp Quarter, Petco Park and Horton Plaza.
Merrick Matricardi, Jim Neil and Eric Comer of the CBRE Multifamily team represented the buyer in the deal. The seller, Michigan Investors LLC, repped themselves.
“The property is located in the booming East Village neighborhood, which is currently a hub for construction and redevelopment”, said Matricardi. “The area is quickly becoming a thriving arts and cultural scene with trendy restaurants and bars. The property will benefit from increased demand for housing in the neighborhood and the improving demographics.”
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