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9/20/19
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A 21-unit residential complex in San Diego sold for $4.85 mil, or $231k/unit. The 18.3k sf property is situated on an 18.7k sf lot at 4538 Norwood St, east of I-15 and south of I-8.
The property consists of seven two-bedroom/1.5-bathroom units along with 14 two-bedroom/1.5-bathroom townhomes with an average unit size of around 900 sf. Parking at the property consists of 20 carports along with one open space. Originally built in 1965, the well-maintained is viewed as a solid value-add opportunity, with 10 units having been remodeled.
Ricardo Lopez of ACI Apartments represented the sellers, the Chu Family Rvocable Intervivos Trust and Chuland Investments Inc. The buyer, Exchange Resources Inc. was also repped by Lopez.
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