ACI Apartments is pleased to announce the recent sale of IB Villas, a 38 unit complex located in Imperial Beach, CA. The 18,088 square foot property, located at 1479-1485 Elder Ave., was purchased by NEJ Properties LLC of La Jolla for $6,720,000.
Mark Morgan of ACI represented NEJ Properties LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Mar City III LLC of Del Mar and was also represented by Mark Morgan of ACI. The property was officially marketed for sale for approximately 35 days.
The IB Villas Apartments consists of 38 1 Bedroom /1 Bath units plus a detached laundry room and is just minutes from downtown San Diego and Balboa Park. 32 of the 38 of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
IB Villas is located on a 1.03 acre lot and sold for $176,842 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.3 and Capitalization Rate (CAP Rate) of 5.0%. Additionally the purchase price per square foot was $371.52. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,100-$1,250 and averaged $1,190 per unit per month. There was one unit vacant at time of sale that was being renovated. The property enjoys 57 parking spaces, laundry room, and a large common patio.
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