ACI Apartments is pleased to announce the recent sale of a 60-unit complex in the city of Ocean Beach in San Diego. The 52,000 square foot property situated on a 45,302 square foot lot at 4464 Castelar Street, was sold by The Groebli Revocable Trust of La Jolla for $18,275,000.
The seller was represented by Norm Root of ACI Apartments.
“The property is quite unique because the Groebli family developed this asset in the early 1970’s and has owned and operated it since, thus it has never been placed on the open market before now”.
The buyer, Interstate Equities Corporation out of Los Altos, CA was represented by Rob Horvath and Ryan Anderson of The Triqor Group in Carlsbad.
The asset is comprised of thirty (30) 1 – bedroom/ 1 – bathroom units of approximately 725 SF along with thirty (30) 2 – bedroom/1 and 3/4 – bathroom units of approximately 1025 SF. The property offers tenants a pool, sauna and recreation room on premises. In addition, the property parks 62 cars, including 47 parking spaces that are gated.
The location boasts excellent proximity to area beaches, recreation like walking trails and local parks, as well as entertainment venues and shopping. The property is minutes from Downtown, Mission Valley, Mission Bay and has easy access to Freeways I-5 & I-8.
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