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7/02/21
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ADC Real Estate Group paid $22.25 mil for Trolley Palm, a 75-unit ($297k/unit), garden-style apartment community in La Mesa. The property was sold by L5 Odyssey Management LLC.
Trolley Palm is situated on 3.59 acres at 4302 Palm Ave. The property features one-bedroom floorplans averaging 754 sf and two-bedroom floorplans averaging 925 sf. Built in 1972, the property recently underwent an interior renovation to approximately 60% of units.
The community features a new leasing center, clubhouse and fitness center. Additional amenities include a swimming pool and laundry facilities. The purchaser plans to continue the renovation program for the balance of the units at the property along with additional property enhancements.
The historic La Mesa Village, located within one mile of Trolley Palm, is home to many local pubs, craft coffeehouses, antique stores and retail shops. San Diego State University is within four miles of the property and Sharp Grossmont Hospital, the largest medical facility in East San Diego, is within two and a half miles of the property.
Trolley Palm is across the street from the Spring Street Trolley Station. The property offers nearby access to Highway 94 and Interstate 8, providing residents access to San Diego and surrounding areas.
Allen Chitayat, Kevin Mulhern and Nate Pepper with CBRE represented the seller in the transaction.
“The San Diego multifamily market continues to demonstrate its strength with a historic low vacancy factor of 3% and strong rent growth of 4.1%. In addition, there have been very few apartment communities greater than 50 units that have been offered for sale,” said Chitayat.
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