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1/12/17
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Santa Maria Creek Apartments, a 28-unit res property in the unincorporated San Diego County community of Ramona, sold for $4.05 mil, or $145k/unit. The 22.9k sf property is situated on a 42.3k sf lot at 1606 Montecito Rd, just west of the confluence of Highways 67 and 78, about 35 miles northeast of downtown San Diego.
The property consists of all two-bedroom/one-bath units and features gated access for added privacy and off-street parking. Common area amenities include BBQ space and a recently refinished pool. New exterior paint, cap sheet roofs, new parking lot seal, refinished pool and plaster, upgraded landscaping, and new iron rails throughout mean there should be minimal capital improvements in the coming years.
The buyer, David Sterling of San Diego, was represented by Chuck Hoffman and Tiffany Hoffman of ACI. The seller, CGI1 LP of the Tierrasanta area of San Diego, was repped by Steve Huffman from Huffman Properties Inc.
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