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1/19/23
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Valentino Properties purchased an eight-unit, 5.8k sf multifamily property in San Diego area in a recent $4 mil ($500k/unit) transaction. The 100% occupied, recently renovated property is comprised of all one- and two-bedroom units.
The property is located at 4774 33rd St, just east of I-805 in the city’s Normal Heights area. Normal Heights is a lively, uptown neighborhood with many hip cafes, gastropubs, craft beer bars and diverse restaurants. Amenities are concentrated along Adams Avenue, which is approximately one block walking distance from the 4774 property.
Anelia Genchev of Century 21 Award represented the buyer in the deal. Joe Brady of Urban Property Group represented the seller, Shipmate Property Investments LLC. Urban Property Group also repped Shipmate when they acquired the asset in 2021.
“San Diego has recently welcomed more residents from higher-cost cities such as Los Angeles and the San Francisco Bay area, so the apartment market is still in strong demand as occupancies continue to escalate and rent continues to grow,” said Brady. “With sustained growth in San Diego, multifamily properties will continue to be desirable investments.”
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