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(Phot courtesy: CBRE)

CBRE Announces Sale of Multifamily Property in La Jolla for $3.01Million

La Jolla CA— CBRE announced the sale of a six-unit apartment community in La Jolla to a private buyer for $3.01 million.

CBRE’s John Newton represented the seller, a private investor, in the transaction. The buyer was represented by an outside firm.

Located 7670 La Jolla Boulevard, the 4,224 square-foot property is comprised of four one-bedroom apartments and two studio apartments. The community is walking distance from the beach.

“Despite the pandemic and political uncertainly, buyers were willing to get aggressive on terms and offer over list price. This is illustrative of investor appetite for prime coastal locations, regardless of market volatility,” said Newton.

He added, “The La Jolla submarket is highly prized and always experiences low transaction volume. That was especially true in 2020, as only two deals have transacted year-to-date, both represented by our team.”