ACI Apartments is pleased to announce the recent sale of Casa Jamacha Apartments, a 32-unit apartment complex located in Spring Valley, CA. The 25,582 square foot property, located at 8951 Jamacha Road was purchased by Northstar Homes LP for $6,800,000.
Dave Savage of ACI Apartments represented CGI3 LP, Seller and Arby Eivazian also of ACI Apartments represented Northstar Homes LP, Buyer.
The Casa Jamacha Apartments, constructed in 1978, consist of 9 large 600sf 1 Bedroom /1 Bath units, 22 large 800sf 2 Bedroom / 2Bath units, and 1 large 940sf 3 Bedroom / 2 Bath unit. Tenants at Casa Jamacha enjoy the community pool, community laundry room, and on-site parking.
The Casa Jamacha Apartments, situated on a .94 acre lot, sold for $212,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 14.1 and Capitalization Rate (CAP Rate) of 4.4%. Additionally, the purchase price per square foot was $265.81. The average rental rates at time of sale were: 1 Bedroom / 1 Bath $1,085, 2 Bedroom / 2 Bath units averaged $1,235, and the 3 Bedroom / 2 Bath unit averaged $1,450. 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