San Diego-Area Community Trades for $14M
- Jun 07, 2018
Curtis Properties Inc. has disposed of Rimrock Apartments, a 62-unit garden-style property in La Mesa, Calif. Joehnk LLC purchased the asset for $14.1 million, in a transaction brokered by Kidder Mathews.
The property is located at 8420 Buckland St., near the interchange of Interstate 8 and Route 125. Downtown San Diego is a 17-minute drive west of the site, while big-box retail, services and dining options are situated nearby. Sharp Grossmont Hospital and Grossmont Transit Center, served by the San Diego Trolley system, are half a mile away.
Built in 1974, Rimrock Apartments has undergone partial exterior and interior renovations. Roughly 70 percent of units are in well-maintained, original condition. The community encompasses 48 one- and 14 two-bedroom units. Common-area amenities include a swimming pool, spa and shared laundry room.
The Kidder Mathews multifamily investment brokerage team included Executive Vice Presidents Jim Neil and Eric Comer, along with Senior Vice President Merrick Matricardi and Associate Bryan Calhoun. Last month, Kidder Mathews arranged the $7.7 million sale of a 24-unit community in San Diego. AMG Evergreen Apartments LP purchased the asset, located in the Point Loma Heights neighborhood.
Image courtesy of Kidder Mathews