ACI Apartments is pleased to announce the recent sale of a 38-unit complex in the Ramona neighborhood of the City of San Diego. The 36,248 square foot property situated on a 229,996 square foot lot located at 1551 Montecito Road, was purchased by JC Strategic LP, a California limited partnership for $8,270,000.
Terry Moore CCIM of ACI Apartments represented the both the buyer and the San Diego seller, Ramona Mountain Valley Apartments LP, a California limited partnership. Moore represented the seller when the property was purchased in 2015.
The property consists of twenty 2bd/1ba units, eighteen 3bd/2ba units, 38 carport parking spaces and 22 open parking spaces. The former office was converted into two non-permitted 2bd/1ba units. The gated complex has central heat and air and a pool. The large 5+ lot may allow for additional development opportunity.
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