Just Sold: 30 Units in Fallbrook for $3,750,000

Below is a press release from November 9, 2015:

The Eucalyptus Village apartments have been sold for $3,750,000 with a credit to the buyer for $22,500, for deferred maintenance. Located at 501 Ammunition Rd. Fallbrook, CA 92028 in the “Avocado Capital of the World” that is Fallbrook California. This 30 unit, San Diego County apartment complex constructed in 1979, offers tenants a brand new parking lot with plenty of on-site parking, a communal laundry room, and new drought friendly landscaping.

The Eucalyptus Village apartments consist of eight (8) 1 Bedroom / 1Bath units with an average of 749sf and twenty-two (22) 2 Bedroom / 1 Bath units with an average of 903sf, located on a 43,996sf lot. The property sold for $125,000 per unit and $148.55 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 11.51 and CAP Rate = 4.8%. The property was 100% occupied at time of sale. At close of escrow the rental rates averaged $813 for the 1 bedroom units and $910 for the 2 bedroom units.

The seller was A C M E Apartments LLC and was represented by Robert Weinberger of RJW Properties, Inc. The buyer was James Purdy & Robert Danielson and was represented by Anton Burman of ACI Apartments.

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.