CBRE San Diego Arranges Sale of $29 Million Community

The San Diego team at CBRE, a commercial real estate services and investment firm, has arranged the sale of a 60-unit multifamily community in La Jolla, Calif.

San Diego—The San Diego team at CBRE, a commercial real estate services and investment firm, has arranged the sale of a 60-unit multifamily community in La Jolla, Calif. This community, called Prospect 400 was acquired from The Carolyn M. Holmer Irrevocable Trust for $29 million.

Prospect 400, which was built in 1970, is a four-story community built on .65 acres of land. The community includes seven studios, 29 one-bedroom units, 24 two-bedroom units and 10 garages.

In 2010 Prospect 400 had 38 apartment renovated. These renovations included stained wood cabinets with slab granite countertops, new stainless steel appliances, new interior doors and upgraded flooring.

Amenities for the community include a heated pool, hydrotherapy spa and resident lounge with kitchen, media center, billiards table and restrooms.

“The sale of Prospect 400 was a once-in-a-generation transaction,” Jim Neil of CBRE says. “There are very few properties in Southern California that enjoy as strong a location as Prospect 400, and the investor demand for the property was commensurate.”