Marcus & Millichap Closes $12.5M Sale of La Mesa Seniors Housing

Marcus & Millichap finalized the sale of 5035-49 Guava Ave., an 81-unit seniors affordable multifamily property located in La Mesa. The property sold for $12.5 million, or $154,320 per unit.

“Age-restricted communities with long-term affordability protections are rarely available for acquisition in San Diego County,” said Christopher Zorbas, executive managing director investments. “This transaction reflects the continued demand for well-maintained affordable senior housing, and despite broader industry headwinds, we remain confident in the long-term fundamentals of the La Mesa and greater San Diego rental market.” said Graeme Henderson, director of investments. “New ownership is poised to keep providing low-income senior housing for years to come, given the property is the only senior deed restricted building with an agreement in perpetuity in the submarket.” 

Zorbas, Henderson and Austin Huffman, investment specialists in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of the seller, a private owner, and procured the buyer, Positive Investments, based out of Los Angeles.

The sale marks one of five transactions over 80 units in La Mesa and one of seven senior affordable transactions countywide in the past five years. The marketing team conducted over 20 tours of the 1986-vintage asset and had multiple competing offers.

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