San Diego CA— Cushman & Wakefield announced today the firm has advised the sale of a 24-unit apartment complex in the Mission Hills neighborhood of San Diego, California. Located 2810 Union Street and composed entirely of studio units, the property traded for $4.85 million. The buyer was 2810 Union St. LLC and the seller was Goldman Family Trust.
Ray Adams, Will Creagan and Clark Rorbach of Cushman & Wakefield’s multifamily group in San Diego represented both parties in the sale.
Following the sale, the seller intends to complete a 1031 tax deferred exchange into a larger property, while the buyer plans a significant upgrade on the property that will include renovating and modernizing all 24 studio units as well as adding photovoltaic panels on the roof. Prior to sale, the property also just recently completed installation of new windows throughout the building.
Ray Adams, Managing Director, said. “This offering presented an ideal value-add opportunity for a desirably located property with secluded canyon views and surrounded by multi-million dollar homes. Tenants enjoy a protected residential location that offers convenient access to urban services and amenities.”
He added, “The Hillcrest zip code includes Mission Hills and has been an ‘A’ quality neighborhood of San Diego for decades. The neighborhood offers stylish restaurants and shopping with convenient access to employment centers. The San Diego International airport is a short drive as is Little Italy and downtown San Diego. Due to the desirability of the neighborhood it has experienced rapidly appreciating rental rates while maintaining an occupancy of approximately 98%.”