Northmarq arranges $10.675 million sale of three-property portfolio in Central San Diego, California
SAN DIEGO, CALIFORNIA (November 8, 2021) – Erik Anderson and Kyle Pinkalla of the San Diego Investment Sales team arranged the $10.675 million sale of the 3-property multifamily portfolio, totaling 31-units located in the Uptown area of San Diego. Anderson and Pinkalla represented the seller and sourced the buyer in the transaction as well. The sale marks one of the largest portfolio sales in the submarket year to date.
“It is rare for a buyer to be able to acquire a portfolio of smaller buildings with such great unit mixes in one transaction in these neighborhoods,” said Anderson. “This was the first time all of the properties have traded in over 25 years and will be an excellent long-term investment for the buyer. All three of the buildings are in fantastic locations within their respective neighborhoods and are all of newer vintage, which is rare for the area.”
The three properties were: 4717-31 Utah Street in University Heights, which was comprised of nine townhome style units, 13-units at 3790-92 32nd Street in North Park, and nine units at 4139 33rd Street in Cherokee Point. All the properties are in prime walkable locations and positioned with direct access to major freeways and abundant retail.
The property was purchased from The Cacao Living Trust, and the buyer was WSC Investment Partners, LLC.
The San Diego multifamily market remained stable through the first half of 2021, according to Northmarq’s recent report, and the continuing trend is evident in recent closings from the San Diego office. The transaction mix consists of several Class A properties, bumping up the median sales price from the previous period. As the quality of properties being sold has increased and investor demand has intensified, cap rates have compressed, dipping below four percent. San Diego continues to maintain some of the lowest cap rates in the country, reflecting a steady and strong investment market. Read our full San Diego Multifamily Market Report.
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