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SAN DIEGO NEWS
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Bridge Investment Group Pays $43 Mil for La Mesa Multifamily Property

4/16/21

Bridge Investment Group, out of Salt Lake City, purchased The Cove, a 133-unit multifamily property in La Mesa, for $43.25 mil, or $325k per unit. The apartment complex, located at 7400 Parkway Dr, was sold by IEC.

Built in 1976, The Cove consists of nine two-story buildings totaling 107.7k sf of space on 6.14 acres of land. The property encompasses 84 one-bedroom units measuring 750 sf each, 44 two-bedroom units measuring 900 sf each, and five three-bedroom units measuring 1k sf each.

The buyer plans to invest roughly $10,000 per unit in interior and exterior renovations. Kyle Pinkalla and Shane Shafer with NorthMarq represented IEC in the deal.





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