Just Sold – 29 Units in National City for $4,250,000

Below is press release from March 1, 2015:

The Highland Park Apartments have been sold for $4,250,000. Located at 900 Manchester St. National City, CA this 29 unit apartment complex, constructed in 1968 and fully remodeled in 2011, offers tenants a pool, on-site parking, on-site rental office, and a communal laundry room. The property was recently upgraded with new exterior paint, new dual paned windows, new landscaping, and many new interior upgrades.

The Highland Park Apartments have an average unit size of approximately 770 sf and consist of three (3) Studio units, ten (10) 1 Bedroom / 1 Bath units, and sixteen (16) 2 Bedroom / 1 Bath townhome units on a 1.18 acre lot. The property has been sold for $146,552 per unit and $19014 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 12.2 and CAP Rate = 4.4%.

The property was 100% occupied at time of sale. At close of escrow the rental rate ranges were $1,075-$1,175 for the 2 bedroom units, $850-$875 for the 1 bedroom units and $800 for the studio units. The seller was 900 Manchester LLC and was represented by Chris Zorbas of Marcus & Millichap. The buyer was Rodney A. Johnson and was represented by Dave Savage of ACI Apartments.

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.

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