A corporation that aids veterans in want of transitional housing and different providers has bought a 12-unit cottage property in North Park for $4.9 million.
Ben Sierpina and Raymond S. Choi, funding specialists in Marcus & Millichap’s San Diego Downtown workplace, represented the vendor, a personal company that was dissolving.
The customer, Warrior Basis Freedom Station, was represented by Dylan Wright and Connor Arleo of ACRE Funding Actual Property Providers.
The South Park-based group’s web site describes the Freedom Station venture as “a novel restoration transition middle and housing facility that gives injured warriors with the acclimation time, steerage and sources to efficiently make the transition from navy service to civilian life.”
The property, positioned at 4058-74 Hamilton St. north of College Avenue, was initially constructed in 1952. It consists of 12 one-bedroom cottage-style items and 10 single-car garages.
“The advertising course of generated seven provides and the property offered above the record worth in authentic situation with below-market rents,” Sierpina mentioned.
He added that the asset had set a file worth per unit in the neighborhood for a constructing of 5 items or extra left in its authentic situation.
Marcus & Millichap is a industrial actual property brokerage agency specializing in funding gross sales, financing, analysis and advisory providers.