San Diego Community Changes Hands in All-Cash Transaction
- Jul 24, 2018
Marcus & Millichap has brokered the sale of Villa Cusma, a 40-unit luxury community with retail space in San Diego’s Little Italy neighborhood. The seller disposed of the asset in an all-cash transaction for $21.3 million, or roughly $519,000 per unit. The new owner is a local buyer.
Located at 1907 Columbia St., Villa Cusma is just north of downtown and within a 15-minute walk of Balboa Park. The asset is very close to the San Diego Freeway, while dining, retail and entertainment facilities are within walking distance.
Completed in 2012, the Sicilian architecture-inspired building offers views of the San Diego Bayfront and downtown San Diego. Of its 40 units, 24 are one- and 16 are two-bedroom apartments. The property includes a gated subterranean parking garage and a 2,475-square-foot ground floor retail space that is currently occupied by a dining facility.
Raymond Choi, first vice president of investments in Marcus & Millichap’s San Diego office marketed the property on behalf of the seller. Recently, the company brokered another deal in the area—the $1.8 million sale of a 1984-built property.
Image courtesy of Marcus & Millichap