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2/16/26
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Signal Peak LLC picked up an 18-unit multifamily property in San Diego. Built in 1986, the property, Las Palmas, is located at 3864 35th St, just east of I-805 at University Ave. The price was not given out.
The three-story community recently underwent significant capital improvements, including new exterior paint, new appliances, all-new black vinyl windows, quartz countertops, tiled showers and targeted roof repairs. With 11 of the 18 units fully renovated, the property features a desirable unit mix of eleven two-bedroom, one-bath units; six one-bedroom, one-bath units and one studio. The modern upgrades deliver immediate in-place cash flow and a clear path to 100% renovation.
Strategically located in the high-demand Cherokee Point neighborhood, adjacent to the vibrant North Park corridor, Las Palmas is within walking distance to University Avenue's restaurants, shopping and entertainment. The property provides easy access to the 805 freeway and is minutes from Balboa Park, Downtown San Diego and major employment hubs.
Erik Anderson with Newmark represented the seller, GLC Legacy Trust, in the transaction. Cody Evans of South Coast Commercial represented the buyer.
"Las Palmas represents a rare combination of stability and value-add opportunity in one of San Diego's most resilient and undersupplied submarkets," said Anderson. "With significant improvements already completed and a straightforward renovation pipeline for the remaining units, this transaction offered a compelling investment for the buyer while highlighting the enduring strength of well-located, supply-constrained multifamily assets in Cherokee Point and the broader North Park area.”
Cherokee Point remains one of San Diego's most supply-constrained rental submarkets, with no new multifamily construction (10+ units) in the area in over 25 years, supporting strong rental demand and limited competition, according to Newmark Research. The property currently benefits from an attractive $390 average rental discount compared to similar-sized units in the surrounding market, presenting substantial upside potential through continued renovations and rent optimization.
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