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6/23/21
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A two-property, 234-unit multifamily portfolio in Alpine, CA sold for $54.1 mil ($231.2k/unit). The assets, Elán Summit at Alpine and Meadow Woods at Alpine, were sold by Property West Residential. The buyer was FPA Multifamily LLC.
Constructed in 1987, The Elán Summit at Alpine is located at 2660 Alpine Blvd and consists of 36 large(650 sf) one-bedroom /one-bath units and 72 large (850 sf) two-bedroom /two-bath units. The units feature central air conditioning and heating, mirrored closet doors, fully equipped kitchens, and private balconies or patios.
Tenant amenities at Elán Summit include a pool, spa, gym, laundry facilities, community BBQ and picnic area, open space with pet stations, lush landscaping, and on-site tenant leasing office. Containing 108 units, Elán Summit sits on a 4.5-acre lot and consists of 81.9k sf with 165 parking spaces.
Constructed in 1986, TMeadow Woods is located at 1539 Tavern Rd and consists of 126 large (850 sf) two-bedroom /one-bath units, 89 large (950 sf) two-bedroom /two-bath units, and one 1.2k sf, three-bedroom /two-bath house. The units feature central air conditioning and heating, mirrored closet doors, fully equipped kitchens, and private balconies or patios.
Tenants at Meadow Woods have access to a pool, spa, fitness center, laundry facilities, community BBQ and picnic area, volleyball court, basketball court, children’s playground, open space with pet stations, lush landscaping, and on-site tenant leasing office. The 126-unit Meadow Woods at Alpine is located on an 8.7-acre lot and consists of 115k sf with 236 parking spaces.
Both properties are located within proximity to Alpine’s commercial district, which offers a variety of dining, social, and recreational opportunities. In addition, both assets are conveniently located near the I-8 freeway, allowing residents easy access to the rest of San Diego County.
Dave Savage and Arby Eivazian of ACI Apartments represented Property West Residential. FPA Multifamily was repped by Casey Mauge of Fairway Commercial Partners. The property was not officially marketed for sale.
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