18 Units in North Park Sold for $3,285,000

Below is a press release from November 5, 2014:

SAN DIEGO – ACI Apartments is pleased to announce the recent sale of an 18 unit apartment complex in San Diego, CA. The 12,130 square foot property, located at 3946-52 Idaho Street, was purchased by The Bill Shepard MD, Trust for $3,285,000.

The seller, LenRae, LLC, was represented by Terry Taylor of ACI Apartments, and the buyer was represented by Eric Comer of CBRE. The loan amount was $1,745,000 by Chase Bank. Escrow was handled by Annemarie LoCoco of Chicago Title. Chicago Title also handled the title insurance.

This investment property is located in North Park. The property was built in 1970. It consists of (12) 1Bedroom/1Bath units and (6) 2Br/1Ba units. The current rents are low. This is a very good location in the North Park neighborhood and the property was in good condition.

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.