Marcus & Millichap Negotiates $15M Sale of Multifamily Complex

Commercial real estate firm Marcus & Millichap has procured the buyer of the 43-unit Casa Linda Apartments in San Diego. Urbaneer Investment Partners purchased the property for $15 million from a family trust that has owned the asset since its construction in 1972. At $357,441 per unit, it was the largest multifamily transaction in the 92111 zip code this year, according to Marcus & Millichap.

“This was a unique opportunity for the buyer to acquire apartments in an already in-demand submarket that continues to see growth, particularly due to the proximity of the University of San Diego and Mission Valley,” said Marcus & Millichap’s Ben Sierpina who negotiated the sale along with the firm’s Raymond Choi. The seller was represented by Robert Weinberger of RJW Properties.

Casa Linda consists of studio, one- and two bedroom units with community amenities that include a courtyard, pool and on-site laundry.