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Value-Add Apartments Trade in San Diego’s Pacific Beach Neighborhood
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Bay Inn Apartment Homes, a five-building, 80-unit apartment property in San Diego. The asset sold for $28.1 million, or $351,250 per unit.
“Built in 1962, Bay Inn Apartment Homes is one of the largest and most well-amenitized multifamily assets in San Diego’s Pacific Beach neighborhood,” said Christopher J. Zorbas, IPA executive managing director investments.
He added, “Well maintained throughout the years, the property provides the new owner with a significant opportunity to add value in a market where asking rents have increased 12.9% year to date.”
Zorbas, Tom McCartin and Alexander Garcia, Jr. represented the seller, Regency Bay Inn LLC and Wagers Family LP, and procured the buyer, Equity Street Capital. “The opportunities available to immediately boost near-term returns at Bay Inn Apartments are unmatched across Pacific Beach,” added McCartin.
- ◦Sale/Acquisition
