24 Units in Alpine Sold for $3,825,000

SAN DIEGO, March 29, 2016 – ACI Apartments is pleased to announce the recent sale of a 24 unit complex in Alpine, CA. The 22,104 square foot property situated on a 36,155 square foot lot at 1319 Marshall Road, was purchased by 1319 Marshall LLC of La Mesa for $3,825,000.

The seller, Robert Keilholtz of Solana Beach, was represented by Kelly O’Connor of ACI, and the buyer was represented by Keith Courtney also from ACI. This property closed at a 5.2% Cap Rate and a 10.9 GRM, sold for $159,375 a unit, and Donna Hamilton with Heritage Escrow handled the escrow.

Built in 1986, this property is a twenty-four unit apartment complex consisting of one two-story building and one two-story building over parking. The buildings offer two floor plans including twelve two bedroom one bathroom units and twelve two bedroom two bathroom units. Within the last year substantial improvements have been made including new landscaping, repainting the exterior, new railings and new copper plumbing. Other amenities include on-site covered parking, an on-site laundry facility, and a gated pool.

About ACI Apartments INC.

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