ACI Apartments is pleased to announce the recent sale of Tribecca on Mollison, 68 El Cajon units sold for $14,100,000. Thes Condo-quality complex, consisting of approximately 56,951 square foot of property and located at 520 S. Mollison Ave., was purchased by The Johnson Trust of Mission Hills.
Dave Savage, Chuck Hoffman, and Anton Burman of ACI represented The Johnson Trust, Buyer. The Seller was Pacific Mollison LP of Mission Valley and was self represented. The property was not officially marketed for sale.
The Condo Quality Tribecca Apartments consists of 24 large 728sf 1 Bedroom /1 Bath units, 33 large 858sf 2 Bedroom / 2Bath units, and 11 large 1,015sf 3 Bedroom / 2 Bath units. All of the units have been fully upgraded with custom cabinets, granite counters in the kitchens and baths, air conditioning, walk-in closets, recessed lighting, and tile floors in the kitchen, dining room, and baths. The gourmet open kitchens include a center granite island, tile floors, separate dining area, and a stainless steel appliance package that includes refrigerators, stoves, microwaves, and dishwashers. Tenants at Tribecca enjoy their own private patio or balcony, pool, gym, clubhouse, open space, and gated community.
Tribecca on Mollison situated on a 2.84 acre lot sold for $207,353 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.1 and Capitalization Rate (CAP Rate) of 4.2%. Additionally the purchase price per square foot was $247.63. The average rental rates at time of sale were: 1 Bedroom / 1 Bath $1,170, 2 Bedroom / 2 Bath $1,404, and 3 Bedroom / 2 Bath $1,661. The property was 100% occupied at time of sale.
ACI is the most successful income property brokerage firm in the county. Since 1982, they have specialized in apartment and investment property transactions, and 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