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1/03/18
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An 11-unit apartment complex in Lakeside, CA sold for $3.125 mil, or $284k/unit. The 11.4k sf property sits on a 20.6k sf lot at 9737 Riverview Ave, just off the 67 Fwy, about 22 miles northeast of downtown San Diego.
The apartments are all three-bedroom / two-bathroom units. The property underwent roughly $250k in renovations over the last 12 months on both exterior and interior elements.
Interior improvements include new cabinets and countertops in the kitchen and baths, brand new kitchen appliances, new carpeting and flooring, new shower and tubs, and new vanities in the bathrooms. Exterior renovations include brand new roof, new exterior paint, new mailbox for tenants, newer garage doors and a recently paved parking lot and driveway. In addition to 15 garages and an on-site laundry facility, the location has ample off street parking.
The seller, KA Real Estate LLC, was represented by Anton Burman of ACI, with acquisition and asset management provided by Eugene Marini. The buyer, The Family Trust of Joe Busalacchi, was repped by Travis Jaedtke of Strategic Real Estate Group as part of a 1031 exchange. The transaction had a cap rate of 4.8%.
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