IB Villas II/ Mar Group acquire The Grove Meadows Apartments

  • The front of a San Diego Multifamily property with patios and balconies.
  • The front sign for the Grove Meadows Apartments at 1445 Grove Avenue
  • The inside view of a multifamily property with a pool

Below is a press release from April 27, 2015:

The Grove Meadows Apartments, a 43-unit apartment complex on one Acre site at 1423 & 1445 Grove Ave. Imperial Beach, CA 91932 in the City of Imperial Beach, approximately 14 blocks to the Pacific Ocean has just been sold for $6,810,000.

The buyer, IB Villas II LLC/ Mar Group, is a San Diego-based developer and income property investor with Juan-Pablo Mariscal (JP) as President and CEO, and located at 790 Via de la Valle suite 311, Del Mar, CA 92014. The buyer was represented by Mark Morgan of ACI Apartments.

The seller was Rodney Johnson and was represented by Dave Savage of ACI Apartments.

This 43-unit apartment complex, constructed in 1970, offers tenants a swimming pool, garages & on-site parking, communal laundry rooms, and balconies or patios. The property was recently upgraded with new exterior paint, new roof, and many refinished unit interiors. The Grove Meadows Apartments consists of two separate buildings on two separate parcels next door to each other. 1423-1433 Grove Ave consists of 13 apartment units while 1445 Grove Ave
consists of 30 apartment units. Overall, the Grove Meadows has an average unit size of approximately 800 sf and consists of four (4) Studios, eight (8) 1 Bedroom / 1 Bath units, thirty (30) 2 Bedroom / 1Bath units, and one (1) 3 Bedroom / 1 Bath unit on a 1.0 acre lot. The property sold for $158,375 per unit. The value indicators at time of sale were: Gross Rent Multiplier = 11.9 and CAP Rate = 5%. The property was 100% occupied at time of sale and not officially listed for sale.

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.