A 75-unit, garden-style apartment community in La Mesa has been sold to a private investor for $22.25 million.
L5 Odyssey Management, LLC sold the Trolley Palm property to ADC Real Estate Group.
The apartment complex, situated on 3.59 acres at 4302 Palm Ave., features one-bedroom units that average 754 square feet, and two-bedrooms that average 925 square feet.
Built in 1972, the building recently underwent a renovation to more than half the units. The community also has a new leasing center, clubhouse and fitness center. Additional amenities include a swimming pool and laundry facilities.
The purchaser plans to continue renovating the balance of the units, along with additional property enhancements.
Allen Chitayat, Kevin Mulhern and Nate Pepper of CBRE represented the seller in the transaction.
“The San Diego multi-family market continues to demonstrate its strength with a historic low vacancy factor of 3% and strong rent growth of 4.1%. In addition, there have been very few apartment communities greater than 50 units that have been offered for sale,” Chitayat said.
Trolley Palm sits across from the Spring Street Trolley Station and is within one mile of the historic La Mesa Village shopping and restaurant district.