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Neighboring Apartment Properties Trade After 50-Year Hold
Marcus & Millichap closed the sale of 4642 Oregon St., a nine-unit apartment property, and 4632 Oregon St., an eight-unit apartment property, both located in North Park, San Diego. The assets sold for $2,930,000 and $2,560,000 respectively.
“Our marketing process allowed us to procure over 13 competing offers for these properties which have not been marketed in over 50 years,” said Austin Ray Huffman, first VP investments in Marcus & Millichap’s San Diego Del Mar office. “This true value-add investment opportunity sold within 98 percent of the list price to an all-cash buyer. The sale represents the second largest transaction in the North Park neighborhood over the previous two years.”
Huffman and Christopher J. Zorbas, executive managing director investments in the firm’s San Diego Del Mar office, marketed the property on behalf of the seller, a family trust. The buyer, Garden Properties, was represented by Anelia Genchev of Century 21 Affiliated.
- ◦Sale/Acquisition
