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4/26/19
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In a recent multifamily sales comp from San Diego, a nine-unit, garden-style apartment property sold for $2.875 mil, or $319.4k/unit. Originally built in 1975, the property totals 6k sf and was 100% occupied at closing.
The property, 4183 Alabama Apartments, is located in the North Park submarket, near a number of San Diego’s best restaurant, nightlife and retail amenities as well as recreational amenities at Balboa Park. It also offers residents convenient access to major area thoroughfares, including CA-163 and Interstates 8 and 805.
Hunter Combs with HFF represented the buyer, a private investor who purchased the asset as part of a 1031 exchange. The investor’s legal representation was provided by the law offices of J. Geoffrey Barry, Esq.
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