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1/10/14
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A 22-unit multifamily property in San Diego sold for $4.55 mil ($206.8k/unit). Located at 3060 Suncrest Drive, the 13.9k sf complex is comprised of one- and two bedroom condos.
The property was completely remodeled in 2009. The buyer plans to operate the condominiums as apartments for investment purposes.
Rita Lancaster-Hannah of Colliers International represented the buyer, Suncrest 7 LLC. The seller, Sally Forth LLC, repped itself in the deal.
The acquisition was financed by Chase Bank. Escrow services were provided by Chicago Escrow. Title was provided by First American Title.
“The San Diego apartment investment market remains hot with low vacancies, increased rental rates, and insufficient construction in the pipeline to satisfy demand,” said Lancaster-Hannah, Vice President of Colliers International.
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