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7/31/19
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In a recent multifamily sales comp from the Mission Hills area of San Diego, a 24-unit complex sold for $4.85 mil, or $202k/unit. Located at 2810 Union St, the property is composed entirely of studio units.
Following the sale, the seller intends to complete a 1031 tax deferred exchange into a larger property, while the buyer plans a significant upgrade on the property that will include renovating and modernizing all the units, as well as adding photovoltaic panels on the roof. Prior to sale, the property also just recently completed installation of new windows throughout the building.
Ray Adams, Will Creagan and Clark Rorbach of Cushman & Wakefield’s multifamily group represented the buyer, 2810 Union St LLC, and the seller, Goldman Family Trust, in the transaction.
“This offering presented an ideal value-add opportunity for a desirably located property with secluded canyon views and surrounded by multi-million dollar homes,” noted Adams. “Tenants enjoy a protected residential location that offers convenient access to urban services and amenities.”
He added, “The Hillcrest zip code includes Mission Hills and has been an 'A' quality neighborhood of San Diego for decades. The neighborhood offers stylish restaurants and shopping with convenient access to employment centers. The San Diego International airport is a short drive as is Little Italy and downtown San Diego. Due to the desirability of the neighborhood it has experienced rapidly appreciating rental rates while maintaining an occupancy of approximately 98%."
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