Northmarq announces sale of Spring Valley garden-style apartments for $10.2M
SAN DIEGO (August 29, 2024) — Benn Vogelsang, senior vice president of Northmarq’s San Diego office, has successfully brokered the $10.2 million sale of a 48-unit multifamily property in Spring Valley, California. Built in 1984, the apartment community is situated at 9249 Birch Street in the La Presa neighborhood.
Northmarq represented both parties in this transaction. The seller was PI Properties No 5 LLC, and the buyer was TC Holdings Birch Terrace.
“This transaction demonstrates the required rent increases and cap rate expansion for buyers to purchase workforce housing,” said Vogelsang.
The property features a unit mix of one-, two- and three-bedroom apartment homes, over 71 covered and surface parking spaces and on-site laundry facilities. Birch Terrace offers access to Spring Valley’s diverse restaurants and natural landscapes and a 20-minute drive to Downtown San Diego. Additionally, the multifamily community is within 15 miles of Balboa Park, Petco Park, Coronado Island and the San Diego International Airport.
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