
Clairemont MF Trades for 4.3% Cap Rate
Winslow Family LP, a San Diego based real estate investor, acquired 4290 Mount Abernathy for $6.9 million. The 26-unit apartment building is located in the central Clairemont area. The sale price represents a 4.3% cap rate on in-place income and expenses.
The apartment building was built in 1980 and underwent an extensive, condo-quality renovation in 2008. The property was the buyer’s upleg of a 1031 Exchange. The asset offers the buyer secure in-place cash flow in a market that provides upside in rent achievement.
Kidder Mathews’ multifamily investment brokers Jim Neil, Eric Comer and Merrick Matricardi represented the buyer, while the undisclosed seller was self-represented in the transaction.
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