ACI Apartments is pleased to announce the recent sale of The Cottonwood Apartments, a 26-unit apartment complex located in Lakeside, CA. The 20,100 square foot property, located at 10127 Vine Street., was purchased by Sonia Kuster for $5,500,000.
Dave Savage of ACI Apartments represented CGI3 LP, Seller. The Buyer was Sonia Kuster and was represented by Eric Comer of Kidder Matthews. The Cottonwood Apartments, constructed in 1987, consist of 10 large 650sf 1 Bedroom /1 Bath units and 16 large 850sf 2 Bedroom / 2Bath units. Tenants at Cottonwood enjoy their own private patio or balcony, air conditioning, fireplaces, spa, open space, and on-site parking.
The Cottonwood Apartments, situated on a 39,204sf lot, sold for $211,538 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.2 and Capitalization Rate (CAP Rate) of 4.4%. Additionally, the purchase price per square foot was $272.90. The average rental rates at time of sale were: 1 Bedroom / 1 Bath $1,127 and the 2 Bedroom / 2 Bath units averaged $1,381. The property was 100% occupied at time of sale.
Since 1982, ACI Apartments has been a leader in San Diego apartment investment. With over 148 years of combined leadership experience between its senior staff, ACI has helped countless clients reach their investing goals through billions in transaction revenue. Dave Savage has extensive East County experience having closed over 70 transactions there throughout his career. Please visit us online for more information at www.aciapartments.com