Orange County buyers have bought a Linda Vista condominium complicated for $15.37 million, in keeping with an actual property brokerage.
The sale, which breaks right down to greater than $357,000 a unit, marks the most important condominium transaction within the 92111 zip code this 12 months, officers with Marcus & Millichap stated. The zip code additionally covers Clairemont Mesa and Kearny Mesa.
The constructing has 43 models.
“This was a singular alternative for the client to accumulate flats in an already in-demand submarket that continues to see development, significantly because of the proximity of each the College of San Diego and Mission Valley,” says Ben Sierpina, a senior affiliate within the agency’s downtown San Diego Downtown workplace. “The big variety of models made the asset much more fascinating.”
The customer, Urbaneer Funding Companions, a restricted legal responsibility firm out of Newport Seaside, was secured by Sierpina and Raymond Choi, a Marcus & Millichap senior vice chairman for investments.
The vendor, a household belief that has owned the flats since their development in 1972, was represented by Robert Weinberger of RJW Properties, Inc. The customer plans to renovate the property to fulfill growing rental calls for in Linda Vista.
The Casa Linda flats, situated at 6675 Linda Vista Street, has 11 two bed room/one bathtub models, 4 two-bedroom/one-and-one-half bathtub models, 27 one-bedroom, one-bath models, and a non-conforming studio.
Facilities embrace a courtyard, pool, on-site laundry and 42 off-street parking areas.
Marcus & Millichap (NYSE: MMI), a industrial actual property brokerage, makes a speciality of funding gross sales, financing, analysis and advisory providers.