ACI Apartments is pleased to announce the recent sale of The E Street Apartments, a 26-unit apartment complex located in Chula Vista, CA. The 13,456 square foot property, located at 585 E Street was purchased by Positive Investments for $6,000,000.
Dave Savage of ACI Apartments represented Positive Investments, Buyer and Brooks Howard of Krone & Bushard represented Edificio Paloma, LLC, Seller.
The E Street Apartments, constructed in 1967, consists of 23 – 1 Bedroom /1 Bath units, 2 – 2 Bedroom / 2Bath units, and 1 – 3 Bedroom / 2 Bath unit. Tenants at The E Street Apartments enjoy the community pool, community laundry room, and on-site parking.
The E Street Apartments, situated on a 27,000 square foot lot, sold for $230,759 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.4 and Capitalization Rate (CAP Rate) of 3.8%. Additionally, the purchase price per square foot was $445.90. The average rental rates at time of sale were: 1 Bedroom / 1 Bath $1,502, 2 Bedroom / 2 Bath units averaged $1,1795, and the 3 Bedroom / 2 Bath unit averaged $1,825. 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