Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Villa Cusma, a 40-unit luxury apartment complex with one retail space in San Diego’s Little Italy neighborhood. The property sold for $21,276,000, which represents $518,927 per unit. The sale was an all-cash transaction. Raymond Choi, first vice president investments in Marcus & Millichap’s San Diego office had the exclusive listing to market the property on behalf of the seller, 1907 Columbia St. LLC and procured the local buyer, Luxo II Apartment Homes LP.
Inspired by Sicilian architecture, Villa Cusma was constructed in 2012 at 1907 Columbia Street in San Diego. The building’s 2,475-square-foot ground floor retail space, currently occupied by Harumama, a sushi and ramen restaurant, is on the corner of Columbia and Fir streets. The unit mix is 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit, and 15 two-bedroom/two-bath apartments. Select units feature floor-to-ceiling windows and views of the San Diego Bayfront and Downtown San Diego. The building has been well maintained and includes a gated subterranean parking garage.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.