ACI Apartments is pleased to announce the recent sale of 19 units in the Nestor, adjacent to Otay Mesa neighborhood of San Diego. The 18,204 square foot property situated on a 57,063 square foot lot located at 2320-2328 Grove Avenue and 1271 Hollister Street was purchased by The Cynthia C. Underwood Trust, of San Diego for $5,500,000.
The buyer was represented by Terry Moore CCIM of ACI as part of a 1031 tax deferred exchange. Moore represented this client on the downleg transaction as well. The seller, also from San Diego, The David C. Overturf Trust was represented by David Andrews of Invest SD.
The property consists of eighteen 2bd/1ba units and one 3bd/1.5ba single family residence. There are garages, parking spaces and onsite laundry. There is rent upside potential by making additional upgrades to the property.
ACI is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county – that’s more properties than the number two and number three firms combined. Please visit us online at www.aciapartments.com