Small San Diego Apartment Communities Trade Hands in Deals Totaling $10M
- Aug 21, 2014
Two small deals for San Diego-area multifamily properties recently closed, netting a combined transaction value of just under $10 million. The Coronado Villa Apartments in San Diego and a Pacific Beach multifamily property both have new owners after trading hands for fees of $5.7 million and $4 million, respectively.
In Pacific Beach, the San Diego office of Colliers International handled the sale of a 16-unit multifamily property at 1827 Reed Ave. Colliers representatives Daniel Foley and Savvas Marinos worked with buyer Toremi 1994 Revocable Trust, while seller Machado Family Trust employed Mark Friedman of Realty World to handle its end. The two-story property offers six two-bed, one-bath units; six one-bed, one-bath units; and four two-bed, two-bath units, as well as two carports and 11 off-street parking garages. According to Colliers, the transaction indicates the appeal of coastal properties in the current local multifamily market.
The Coronado Villa Apartments in San Diego were acquired by Del Coronado Villas LLC, an entity based in Del Mar. The 1966-constructed rental property is located on a 2.3-acre site and is currently 96 percent under contract. The 24-unit residential complex, located at 1596 Coronado Ave., was sold to Del Coronado Villas by Kreutzcamp 2000 Trust of Chula Vista. The transaction was arranged by Berkadia representative Steve Huffman on behalf of both sides, The San Diego Business Journal writes.