FPA Purchases Off-Market 234-Unit Multifamily Portfolio

The 234-unit apartment portfolio of Elán Summit at Alpine and Meadow Woods at Alpine located in Alpine, CA was recently purchased by FPA Multifamily LLC for $54.1 million. The property was not officially marketed for sale.

Constructed in 1987, The Elán Summit at Alpine located at 2660 Alpine Blvd consists of 36 (650-square-foot) one-bedroom/one-bath units and 72 (850-square-foot) two-bedroom/two bath units. The 108-unit Elán Summit at Alpine sits on a 4.5-acre lot and consists of 81,900 rentable square feet with 165 parking spaces.

Constructed in 1986, The Meadow Woods at Alpine at 1539 Tavern Rd. consists of 126 (850-square-foot) two-bedroom/one bath units, 89 (950-square-foot) two-bedroom/two-bath units, and one 1,200-square-foot three-bedroom/two-bath house. Meadow Woods at Alpine is located on an 8.7-acre lot and consists of 115,040 rentable square feet with 236 parking spaces.

Both assets are located near the I-8 freeway.

Dave Savage and Arby Eivazian of ACI Apartments represented the seller, Property West Residential. The buyer was represented by Casey Mauge of Fairway Commercial Partners. 

“Of the various suburbs across San Diego County, Alpine is a hidden gem,” says Eivazian. “The two scaled assets in this transaction are among the finest living East County has to offer.”