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5/26/21
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A four-property, multi-housing portfolio totaling 28 units and located throughout San Diego sold in two separate deals worth a combined $8.5 mil. Two of the properties, at 3833 Front St and 3837 1st Ave, are located in the Hillcrest neighborhood, while the other two, at 4456 / 4462 30th St and 4128 Texas St, are located in the North Park submarket.
The properties are close to San Diego’s largest employment hubs, including Mission Valley (about 47,000 jobs), Downtown San Diego (84,000 jobs), Kearny Mesa (88,000 jobs) and UTC/Sorrento Mesa (76,000 jobs).
The area is also experiencing a technology industry boom, being known as a top city for technology industry job growth. Additionally, residents tout San Diego’s live, work, play lifestyle, being home to countless entertainment, dining and retail options.
4384 Mississippi St LLC purchased the 4128 Texas St property for $910k and Pace Properties purchased the remaining three properties for $7.575 mil. All four properties offer value-add opportunities for the buyers.
Kip Malo, Chris Collins and Darcy Miramontes with JLL Capital Markets represented the seller in these deals. Collins and JLL colleague Jack Piegz arranged acquisition financing in the amount of $7.5 mil for Pace Properties.
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