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F&F Properties Snags Value-Add San Diego Apartments
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of Mar at Mesa Apartment Homes, a 62-unit multifamily asset in San Diego. The sale price was not disclosed.
“Mar at Mesa is a sizable value-add asset in a highly desirable, low-velocity central San Diego submarket,” said Chris Zorbas, IPA executive managing director investments. “Previous ownership invested significantly to modernize the property’s common areas and exteriors while renovating 11 units, leaving ample revenue upside for the new owner.”
Zorbas and his IPA colleagues Alexander Garcia, Jr. and Kyle Pinkalla represented the seller and procured the buyer, an affiliate of F&F Properties.
Built in 1988 and renovated in 2022, Mar at Mesa is located at 3502 Angelucci St., seven miles from Downtown San Diego and close to Interstates 5, 8, and 805 and California state routes 52 and 163. Community amenities include a swimming pool with sundeck, spa, barbecue area, firepit, off-street parking, and laundry facility.
- ◦Sale/Acquisition
