Avison Young announced it has brokered the $11.3 million sale of Playa Blanca Apartments, a 44-unit apartment property located at 1939, 1945 and 1949 Avenida Del Mexico in Imperial Beach, CA (San Diego County). The property, which can be converted for re-sale condominiums if desired in the future, is part of a 161-unit condominium community.
Avison Young Principals Peter Hauser, Chris Maling, and David Maling and Associate Matthew Hauser represented the seller, a San Diego-based privately held corporation. The buyer, a San Diego-based limited liability company, was represented by John Burrows Company.
“Playa Blanca is the premiere rental property in the area and is fully mapped and approved for a condominium conversion if desired,” said Peter Hauser.
He added, “The owner sold the property with motivation to sell and exchange into NNN investments which our Avison Young team is assisting with as well.”
Built in 1986 and fully renovated in 2005, Playa Blanca Apartments features of mix of one- and two-bedroom apartments and offers amenities that include a fitness center, pool, spa and clubhouse. The units feature granite countertops, stainless steel appliances, vaulted ceilings, stacked washer/dryers, fireplaces, and large patios or balconies.
Playa Blanca is conveniently located near the 5 freeway and is within walking distance to a number of major retail centers. Additionally, residents of Playa Blanca are within a short drive to the beach and key entertainment venues.