Orange County investors have purchased a Linda Vista apartment complex for $15.37 million, according to a real estate brokerage.
The sale, which breaks down to more than $357,000 a unit, marks the largest apartment transaction in the 92111 zip code this year, officials with Marcus & Millichap said. The zip code also covers Clairemont Mesa and Kearny Mesa.
The building has 43 units.
“This was a unique opportunity for the buyer to acquire apartments in an already in-demand submarket that continues to see growth, particularly due to the proximity of both the University of San Diego and Mission Valley,” says Ben Sierpina, a senior associate in the firm’s downtown San Diego Downtown office. “The large number of units made the asset even more desirable.”
The buyer, Urbaneer Investment Partners, a limited liability company out of Newport Beach, was secured by Sierpina and Raymond Choi, a Marcus & Millichap senior vice president for investments.
The seller, a family trust that has owned the apartments since their construction in 1972, was represented by Robert Weinberger of RJW Properties, Inc. The buyer plans to renovate the property to meet increasing rental demands in Linda Vista.
The Casa Linda apartments, located at 6675 Linda Vista Road, has 11 two bedroom/one bath units, four two-bedroom/one-and-one-half bath units, 27 one-bedroom, one-bath units, and a non-conforming studio.
Amenities include a courtyard, pool, on-site laundry and 42 off-street parking spaces.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage, specializes in investment sales, financing, research and advisory services.