Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of Redwood Terrace, an 18-unit apartment complex located in San Diego. The asset sold for $8,075,725.
Ben Sierpina, senior associate, and Raymond Choi, senior vice president of investments, in Marcus & Millichap’s San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The buyer, a group of investors led by David Hamilton, was also procured by Sierpina and Choi. This is the first time the property has been on the market in over 15 years, and the seller and buyer participated in a 1031 exchange.
Redwood Terrace is located at 3112 30th Street and rests on the boundary between the neighborhoods of North Park and South Park. Unit layouts are large with the unit mix consisting of four two-bedroom/two-bath units, six two-bedroom/one-bath units, and eight one-bedroom/one-bath units. Originally constructed in 1964, the property has been extensively renovated and features a significant upside in rent.
Amenities include a large courtyard with a barbecue grill area, gated access, on-site laundry, and 20 off-street parking spaces.