JLL Capital Markets announced that it closed the $2.4 million sale of 2851 Boston Ave., a nine-unit apartment community located in the Barrio Logan submarket of San Diego, California.
JLL represented the seller, WLA Investments Inc., to complete the sale to the buyer.
2851 Boston Ave. totals 7,200 rentable square feet and recently underwent extensive exterior renovations to the front entry and façade area and new wood fencing, gating, locks, signage, lighting, landscaping and windows; and interior upgrades, including stainless steel appliances and new granite countertops, hardware, fixtures, lighting and flooring. Other amenities include controlled access to the property, washer and dryers in all units and community gardens.
The property is positioned in the Barrio Logan area, which is transforming into an artsy neighborhood, being proximate to various art galleries, breweries, eateries and cafes; and is also designated as one of California’s 14 Cultural Districts.
The property poses great investment opportunity, as strong projected population growth is expected in coming years to this submarket. 2851 Boston Ave. also benefits from being less than five miles from Downtown San Diego, allowing access to the city’s employment and activity hubs.
The JLL Capital Markets team representing the seller was led by Senior Director Kip Malo and Director Chris Collins.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.