
Mission Hills MF Trades Hands in 1031 Exchange Downleg
A 24-unit apartment complex in the Mission Hills neighborhood of San Diego has traded hands. Located at 2810 Union St. and composed entirely of studio units, the property traded for $4.85 million. The buyer was 2810 Union St. LLC, and the seller was Goldman Family Trust.
Following the sale, the seller intends to complete a 1031 tax deferred exchange into a larger property, while the buyer plans a significant upgrade on the property that will include renovating and modernizing all 24 studio units, as well as adding photovoltaic panels on the roof. Prior to sale, new windows were installed throughout the building.
Cushman & Wakefield’s Ray Adams, Will Creagan and Clark Rorbach represented both parties in the sale.
Adams says, “This offering presented an ideal value-add opportunity for a desirably located property with secluded canyon views and surrounded by multi-million dollar homes.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition