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California  + San Diego  + Apartments  | 

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%.” 

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Marcus & Millichap's McCartin

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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