The Cove Buyer Plans $10K Per Unit in Upgrades

With limited multifamily product, a buyer found substantial upside in The Cove apartment complex located at 7400 Parkway Dr. in La Mesa. Salt Lake City-based Bridge Investment Group recently purchased the property for an undisclosed price and plans to invest roughly $10,000 per unit in interior and exterior renovations.

Built in 1976, the property consists of nine two-story buildings on 6.14 acres occupying a rentable area of 107,725 square feet. The Cove encompasses 84 one-bedroom units measuring 750 square feet each, 44 two-bedroom units measuring 900 square feet each and five three-bedroom units measuring 1,025 square feet each for a total of 133 units.

NorthMarq’s Kyle Pinkalla, managing director-San Diego and Shane Shafer, managing director-Newport Beach, completed the sale of The Cove on behalf of IEC.

“There is an extreme amount of capital looking to be placed in San Diego, since the city has so little new product coming to market. In this case, we had strong investor interest in this listing due to the strong employment projections and few investment opportunities,” said Pinkalla.