ACI Apartments is pleased to announce the recent sale of The Thomas Avenue Apartments, an 8-unit complex located in San Diego, CA 92109. The 5,690 square foot property, located at 2121 Thomas Ave. in Pacific Beach, was purchased by GateHouse Multifamily LLC, Ralph Giannella – Manager for $2,885,000.
Giannella has been a leader in the acquisition and repositioning of older apartment buildings in San Diego for over 20 years. He has purchased, modernized, and sold over 2,000 units in his career.
Plans for The Thomas Ave Apartments include a full interior and exterior modernization to give the building and individual apartments new life and bring them into 2021 and beyond.
Mark Morgan of ACI Apartments represented GateHouse Multifamily LLC, Buyer. Anton Burman also of ACI Apartments represented the sellers, Eric Frazer & Natalie Laruccia. The property commanded a premium due to the units being located less than ½ mile from the Pacific Ocean. The property was 100% occupied at time of sale.
The Thomas Avenue Apartments consists of five 1 Bedroom /1 Bath units and three 2 Bedroom / 1 Bath units. A laundry room is located on-site for the tenant’s convenience. This property has the opportunity for increased rents.
Thomas Avenue Apartments is located on a 6,468 square foot lot and sold for $360,625 per unit. Additionally, the purchase price per square foot was $513.71. The rental rates for the 1 Bedroom / 1 Bath units ranged from $1,600-$1,810 and the 2 Bedroom / 1 Bath units ranged from $1,795-$1,975 at time of sale. The property sold at a 16.3 GRM and a 3.9% CAP rate.
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