A 12-unit apartment building in Pacific Beach has been sold for $5.3 million, according to a real estate brokerage.
Cole Silverman, an investment associate in Marcus & Millichap’s San Diego Del Mar Office, along with Carson Trujillo, first vice president, investments, represented the seller, a private investor. The site generated multiple competing offers before an all-cash buyer, Valentino Properties, Inc., a California corporation, completed the purchase.
“After owning and managing the apartments for over 50 years, the sellers wanted to exchange their capital out of state into a passive investment while increasing their cashflow and reducing the stress of hands-on operations,” Silverman said.
Casa Florencia, at 1433 Thomas Ave., was built in 1972. The property has nine one-bedroom/one bath, one two-bedroom/one-bath and two two-bedroom/two-bath apartments.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.
