234 Unit Apartment Portfolio in Alpine Sold for $54,100,000

SAN DIEGO, June 17, 2021
ACI Apartments is pleased to announce the recent portfolio sale of Elán Summit at Alpine and Meadow Woods at Alpine located in Alpine, CA. The 234-unit apartment portfolio was sold by Property West Residential for $54,100,000.

Dave Savage and Arby Eivazian of ACI Apartments represented the seller, Property West Residential. The buyer, FPA Multifamily, LLC, was represented by Casey Mauge of Fairway Commercial Partners.  The property was not officially marketed for sale.

Constructed in 1987, The Elán Summit at Alpine located at 2660 Alpine Blvd consists of 36 large(650sf) 1 Bedroom /1 Bath units and 72 large (850sf) 2 Bedroom /2 Bath units.  The units feature central air conditioning and heating, mirrored closet doors, fully equipped kitchens, and private balconies or patios.  Tenants at Elán Summit enjoy the pool, spa, gym, laundry facilities, community BBQ and picnic area, open space with pet stations, lush landscaping, and on-site tenant leasing office. The 108-unit Elán Summit at Alpine sits upon a 4.5-acre lot and consists of 81,900 rentable square feet with 165 parking spaces.

Constructed in 1986, The Meadow Woods at Alpine at 1539 Tavern Rd consists of 126 large (850sf) 2 Bedroom /1 Bath units, 89 large (950sf) 2 Bedroom /2 Bath units, and one 1,200sf 3 Bedroom /2 Bath house.  The units feature central air conditioning and heating, mirrored closet doors, fully equipped kitchens, and private balconies or patios.  Tenants at Meadow Woods enjoy the pool, spa, fitness center, laundry facilities, community BBQ and picnic area, volleyball court, basketball court, children’s playground, open space with pet stations, lush landscaping, and on-site tenant leasing office.  The 126-unit Meadow Woods at Alpine is located on an 8.7-acre lot and consists of 115,040 rentable square feet with 236 parking spaces.

Both properties are located within proximity to Alpine’s commercial district which offers a variety of dining, social, and recreational opportunities. In addition, both assets are conveniently located near the I-8 freeway, allowing residents easy access to the rest of San Diego County.

“Of the various suburbs across San Diego County, Alpine is a hidden gem” says Arby Eivazian one of the seller’s representatives, “The two scaled assets in this transaction are among the finest living East County has to offer.”

About ACI Apartments INC.
Since 1982, ACI Apartments has been a leader in San Diego apartment investment. With over 148 years of combined leadership experience between its senior staff, ACI has helped countless clients reach their investing goals through billions in transaction revenue. Dave Savage has extensive East County experience having closed over 70 multifamily transactions there throughout his career. Please visit us online for more information at www.aciapartments.com