A 29-unit Rolando apartment complex has been sold by a La Mesa investment firm for $6.55 million, a brokerage announced.
Christopher Zorbas, executive managing director, and Graeme Henderson, an associate, both in Marcus & Millichap’s San Diego Del Mar office, represented the seller, David Alfery Investments.
The buyer, a limited liability company and affiliate of Carlsbad’s Immobilier Funds, also was secured and represented by Zorbas and Henderson.
The Stanley Avenue Apartments, 6295-6305 Stanley Ave., is spread across three parcels on double corner lots. The building dates to 1960 and is comprised of 28 one-bedroom, one-bath units and 1 two-bedroom unit.
Property amenities include a pool, ample onsite parking and laundry facilities.
Immobilier plans to invest in excess of $1 million to bring the property up to “more contemporary standards,” according to Scott Degoler, the firm’s managing partner.
“We are very excited to own this asset and add to our workforce housing portfolio in the immediate San Diego State area submarket,” he said.
Marcus & Milichap, a commercial real estate brokerage, specializes in investment sales, financing, research and advisory services.