ACI Apartments is pleased to announce the recent sale of an 11 unit complex in Lakeside, California. The 11,415 square foot property situated on a 20,585 square foot lot at 9737 Riverview Avenue was sold by KA Real Estate, LLC for $3,125,000.
The seller was represented by Anton Burman of ACI with acquisition and asset management provided by Eugene Marini, while the buyer, The Family Trust of Joe Busalacchi was represented by Travis Jaedtke of Strategic Real Estate Group as part of a 1031 exchange.
All 11 units, with a mix of all three bedroom and two bathroom spaces, have been turned at time of sale with a GRM of 13.5 and a Cap rate of 4.8%. In all, the property received approximately $250,000 in renovations over the last 12 months on both exterior and interior elements.
Interior improvements include new cabinets and countertops in the kitchen and baths, brand new kitchen appliances, new carpeting and flooring, new shower and tubs, and new vanities in the bathrooms. Exterior renovations include brand new roof, new exterior paint, new mailbox for tenants, newer garage doors and a recently paved parking lot and driveway. In addition to 15 garages and an on-site laundry facility, the location has ample off street parking.
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