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4/04/23
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San Diego based DMJ Capital Partners LLC has purchased a value-add multi-family project consisting of 44 units for $11.65 mil ($265k/unit). The project is located at 3827 Conrad Dr in the Casa de Oro-Mount Helix neighborhood of Spring Valley in San Diego County.
The project was built in 1971 and is currently comprised of one- and two-bedroom/one- and two-bath apartments. The units offer open floor plans, in-unit washer and dryers, outdoor pool and BBQ area and onsite parking. Twnety-two of the units have been fully remodeled. DMJ plans to renovate the remaining units and complete a comprehensive modernization of the exterior to enhance the overall quality of the property.
The Casa de Oro-Mount Helix neighborhood has a very strong rental market and is considered one of the most populated communities in San Diego’s East County. The area is also located within the Campo Road Corridor Revitalization Specific Plan, which provides for renovation, revitalization, and redevelopment of the area.
The seller was represented by Taylor Kettlewell of Endeavor. Marc Iacono, with Real Estate Capital Advisors, advised DMJ Capital Partners in sourcing the debt. Grandview Management Partners will be handling the property management of the asset.
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