Value-Add Golden Hill Apartments Trade in 1031 Exchange

Whitewater Commercial Real Estate, a San Diego-based commercial real estate brokerage specializing in multifamily, arranged the sale of 3013 C St., a value-add complex in Golden Hill. The property sold for $5,337,276.

Cole Silverman, Connor Stolle and Carson Trujillo of Whitewater represented the seller, Stephanie Ranum, and the buyer, Pfeiffer Properties, LLC.

“Golden Hill continues to be one of San Diego’s most desirable urban rental markets, driven by its central location, strong renter demand, and proximity to Downtown, Balboa Park, and surrounding neighborhoods,” said Silverman. “Town Pines offered the buyer an opportunity to acquire a well-located multifamily asset with strong existing fundamentals and meaningful long-term value-add potential.”

The 22-unit property was built in 1985 and features a mix of one- and two-bedroom apartments, 33 secure ground-level gated parking spaces, and onsite laundry. It was acquired by a 1031 exchange buyer and offers additional upside through below-market in-place rents and strategic interior renovations.

Connect

Inside The Story

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).

Order Reprints