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California  + San Diego  + Apartments  | 

North Park Apartment Trade Sets New Pricing Benchmark

Marcus & Millichap closed the sale of 3981 Oregon St., a nine-unit apartment complex located in San Diego’s North Park neighborhood. The sale price was $4,535,000.

Senior associate Ben Sierpina and SVP investments Raymond Choi, both of Marcus & Millichap’s San Diego Downtown office, marketed the property on behalf of the sellers, Garret Reuter and Matthew Holt. The buyer, a local private investor, was procured by Sierpina and Choi. 

“This was the first extensively renovated complex over five units to trade in North Park this year and set a new pricing benchmark for the submarket.” said Sierpina. “The buyer closed all cash and the seller will be executing a 1031 exchange.”  

The building has three two-bedroom / one-bathroom units and six one-bedroom / one-bathroom units. It underwent a complete renovation in 2023, including plumbing and electrical systems. All units were leased and achieved premium rents.

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Inside The Story

Marcus & Millichap's Sierpina

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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