Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Mar at Mesa Apartment Homes, a 62-unit multifamily asset in San Diego, California.
“Mar at Mesa is a sizable value-add asset in a highly desirable, low-velocity central San Diego submarket,” said Chris Zorbas, IPA executive managing director investments. “Previous ownership invested significantly to modernize the property’s common areas and exteriors while renovating 11 units, leaving ample revenue upside for the new owner.” Zorbas, Alexander Garcia, Jr., and Kyle Pinkalla represented the seller, and procured the buyer, an affiliate of F&F Properties.
The property is seven miles from Downtown San Diego, close to interstates 5, 8, and 805, and California state routes 52 and 163. The California coast is 15 minutes away and employment centers in University City, Kearny Mesa, and Mission Valley are within a short drive. The University of San Diego, San Diego State University, and Mesa College are nearby, and shopping is within proximity at Fashion Valley and Mission Valley.
Built in 1988 and renovated in 2022, Mar at Mesa’s community amenities include a swimming pool with sundeck, spa, barbecue area, firepit, off-street parking, and laundry facility. The unit mix is two one-bedroom/one-bath apartments, 13 two-bedroom/one-bath units, and 47 two-bedroom/two-bath apartments. Interiors feature breakfast bars, dishwashers, large closets, patios, and balconies.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
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