CBRE Facilitates Multifamily Sale in City Heights Neighborhood of San Diego for $3.14 Million
25 2 2020
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San Diego – CBRE has announced the sale of a 17-unit multifamily community in the City Heights neighborhood of San Diego to Verada Properties, a private investment group, for $3.14 million.
Allen Chitayat and Nate Pepper of CBRE represented the seller, a private investor, in the transaction.
Located at 4330-4336 Estrella Avenue, the 9,750 square-foot property was originally constructed in the late 1960s. The apartment community consists of 15 one-bedroom and two two-bedroom units across two parcels. Amenities include a gated courtyard, off-street parking and an on-site laundry facility.
The asset is located in City Heights, one of the most densely populated rental submarkets of San Diego. The property is within three miles of I-15, I-805 and I-8, three major San Diego freeways that connect City Heights to major employment and entertainment hubs. The apartment community is walking distance from El Cajon Boulevard, the area’s most frequented thoroughfare for dining, retail and entertainment options.
“This transaction provided great outcomes for both the buyer and seller,” said Pepper. “Verada Properties was able to grow their San Diego portfolio by acquiring this asset in City Heights, a neighborhood in which they already own multiple properties. The seller was able to successfully execute a 1031 exchange into a newly-renovated asset they desired.”
The CBRE team also represented the buyer in the transaction.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.