ACI Apartments is pleased to announce the recent sale of a 5-unit complex in the San Diego neighborhood of North Park. The 3,224 square foot property situated on a 5934 square foot lot at 3808-14 Villa Terrace, was sold by the Schwartz and Leavesseur Family Trust for $1,665,000.
The Sellers were represented by Ricardo Lopez of ACI Apartments. The Buyers were represented by Keith Courtney, also from ACI Apartments.
The property encompasses two separate structures constructed in 1925 and 1934. The front structure comprises a 3BD/1 ¾ BA front house with a 1BD/1 ¾ BA unit and a studio unit located below the main house. The rear structure consists of a 1BR/1BA unit and a studio.
“The sellers were nearing the end of their investment cycle and ready to retire from being Landlords” explained Ricardo Lopez, the seller representative, “(the sellers) were also concerned about potentially increasing capital gains taxes in coming years and decided to make their move now to capitalize on the strong sellers’ market.” He added that the listing generated multiple offers in a short period of time and closed on the property $165,000 over list price. “Needless to say, my clients were very pleased and excited for their next chapter in life.”
The Buyer’s representative, Keith Courtney, also echoed satisfaction for the new owners “The buyer plans to upgrade the current facilities, with an eye toward the addition of ADUs to maximize cash flow” He explained. “The property fit’s the buyer’s long-term goals, plus they had the capital and expertise to handle a value-add type investment this asset offered.”
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. Please visit us online for more information at www.aciapartments.com