Northmarq arranges $4.1 million sale of Chalet Central apartments
SAN DIEGO (Sept. 20, 2023) — Northmarq’s Benn Vogelsang, senior vice president, arranged the sale of a 17-unit apartment building, Chalet Central, located at 4141 Central Ave. in City Heights. Vogelsang represented the seller, Central HDG, LLC of Maryland. The 1031 exchange buyer, Warm River Ranch LLC of Descanso, was represented by Aziz Zakkout of Marcus and Millichap and acquired the asset for $4.1 million.
“This is one of the first resales of a building over 5 units with ADUs,” said Vogelsang.
The property was in escrow for 30 days and closed on Sept. 8, 2023 in an all-cash purchase. Chalet Central consists of 600 sq. ft. one-bedroom apartment homes, 750 sq. ft. two-bedroom apartments and three ADU units.
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