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Four-Property Portfolio Offers Value-Add Opportunity
A four-property multifamily portfolio totaling 28 units located throughout San Diego recently sold for $8.5 million to two separate buyers. 4384 Mississippi St. LLC purchased the 4128 Texas St. property for $910,000 and Pace Properties purchased the remaining three properties for $7.575 million. All properties offer value-add opportunity for the buyers and the area is experiencing a technology industry boom.
The 3833 Front St. and 3837 First Ave. apartments are located in the Hillcrest neighborhood. The 4456 and 4462 30th St. and 4128 Texas St. apartments are located in the North Park submarket.
The properties are near the area’s largest employment hubs including Mission Valley (about 47,000 jobs), downtown San Diego (84,000 jobs), Kearny Mesa (88,000 jobs) and UTC/Sorrento Mesa (76,000 jobs).
The JLL team representing the seller was led by Kip Malo, Chris Collins and Darcy Miramontes. JLL also worked on behalf of Pace Properties to secure acquisition financing in the amount of $7.5 million. Financing was led by Collins and Jack Piegza.
- ◦Sale/Acquisition
