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Encinitas MFs Sell for $10M in Off-Market Deal
A pair of multifamily properties in Encinitas, CA totaling 24 units have traded hands in a $10-million off-market transaction. The buyer was Kathleen M. Huettner Trust, while the seller was the Joseph Family Trust.
The properties consist of two identical two-story apartment structures located at 1237 and 1353 N. Vulcan Ave. The seller had owned and managed the properties since initially developing them in the 1970s. They eventually decided to sell them now as part of a 1031 Exchange, in order to retire from management and keep a steady source of income.
Cushman & Wakefield’s Clark Rorbach, Ray Adams and Will Creagan represented the seller.
Rorbach notes, after more than four decades of ownership, the seller sought a new investment venture in their retirement years. The seller used the funds from the disposition to move into two out-of-state retail triple-net leased properties, both featuring investment-grade tenants with long-term, in-place leases.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




