Just Sold: Multi-Family Land in Chula Vista for $2,400,000

Below is a press release from June 1, 2015:

The 1.8 acre parcel of Multi-Family Land has been sold for $2,400,000. The land is located at 745-765 Dorothy St. Chula Vista, CA 91911 in the South Bay submarket of San Diego County. The parcels are located just 2 blocks from the Palomar Trolley Station and just east of the 5 Freeway.

This 39 unit proposed townhome development will feature 1,615sf 3 bedroom / 3 bath units and 1,794sf 4 bedroom / 3 bath units with attached garages and a community clubhouse. There are currently 8 single family rental homes located on the parcels providing income during the permit and planning stages. 745-765 Dorothy St. consists of two separate parcels (APN# 622-072-08 & 09) next door to each other. The land was sold for $30.61 per square foot or $1,333,333 per acre. The property was 100% occupied at time of sale. The buyer was Muraoka Enterprises LLC and was represented by Mark Morgan of ACI Apartments. The seller was Mar Group V and was also represented by Mark Morgan 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.