A five-building Pacific Beach apartment complex has been sold for $28.1 million, according to a property and investment firm.
The 80-unit Bay Inn Apartments, in the 2700 block of Grand Avenue, were built in 1962. The purchase price works out to $351,250 per unit.
Christopher J. Zorbas, executive managing director for investments with Institutional Property Advisors, called the complex “one of the largest and most well-amenitized multi-family assets” in Pacific Beach.
He added that the property has been “well maintained throughout the years,” and that the property will provide the new owner with “a significant opportunity to add value.” Area rents, he explained, have increased 12.9% this year.
Zorbas, Tom McCartin and Alexander Garcia, Jr. represented the sellers, Regency Bay Inn LLC and Wagers Family LP, and procured the buyer, Equity Street Capital.
Located on a 1.4-acre lot, the property includes a swimming pool, clubhouse, courtyard, picnic area, off-street parking and gated pedestrian entry.
The complex includes 78 one-bedroom, one-bath apartments, along with two two-bedroom units.
Institutional Property Advisors is a division of Marcus & Millichap, a commercial real estate services firm.
