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Newly Built Apartments Sell in 1031 Exchange
Marcus & Millichap recently closed the sale of a 19-unit apartment community located in National City. The sale price was $8,845,000.
The buyer, a private investor, was procured by Tom McCartin, SVP investments in Marcus & Millichap’s San Diego Del Mar office. “The buyer used his proceeds from the sale of a Rancho Santa Fe rental home to complete a 1031 exchange,” said McCartin.
The asset is located at 611 Highland Ave. in National City. The property was built in 2023 and consisted of 19 market rate units, which are mostly large two-bedroom apartments.
McCartin added, “The project was built with high-end finishes and energy-efficient components such as solar to minimize expenses. Based on in-place rents, the buyer is anticipating a cap rate of around 5.25%.”
- ◦Sale/Acquisition




