ACI Apartments is pleased to announce the recent sale of a 20-unit complex in the San Diego neighborhood of City Heights. The 11,928 square foot property situated on a 23,087 square foot lot at 4348 53rd Street, was sold by the City Heights Community Development Corp. for $2,500,000.
The sellers were represented by Ricardo Lopez of ACI Apartments. The buyer, Christopher Blatt was represented by Benn Vogelsang of South Coast Commercial.
The property was converted from a market rate property to an affordable housing property in 2014, with rents restricted to 60% of AMI on a 55-year term. Constructed in 1979, the property consists of a unit mix of four 2 bedroom/1 bath along with sixteen 1 bedroom/1 bath units. Due to being situated on a large 23,086 square foot lot, tenants enjoy allowances for 1:1 parking on 23 surface spaces. Tenants also enjoy a gated courtyard, common laundry facility, and off-street parking.
Some of the units offered vaulted ceilings, have updated kitchens and bathrooms, as well as vinyl plank flooring. The centrally located complex has superior proximity to vital community installations including the Copley-Price Family YMCA, The Grocery Outlet, Horace Mann Middle School, and Herbert Hoover High School.
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