Northmarq’s San Diego office finalizes sale of Carriage Arms Apartments for $6.225 million
SAN DIEGO (Jan. 8, 2024) — Erik Anderson, senior vice president of Northmarq’s San Diego Multifamily Investment Sales team, has completed the sale of a 25-unit multifamily property in Poway, Calif. For $6,225,000. The garden-style community, Carriage Arms Apartments, was built in 1964 and is located at 13221 Carriage Road. Northmarq represented the buyer, IIP Poway 25 LLC, a partnership between Insight Investment Partners and Southwest Equity Partners. The seller was Quate Properties, represented by Robert Vallera of Voit and John Boyle.
“It is incredibly rare to be able to purchase an asset in Poway,” said Anderson, “Carriage Arms is one of only four transactions in the submarket over the past five years. The buyer was able to leverage paying all cash into a very attractive basis, well below replacement cost.”
Carriage Arms Apartments boasts spacious units in a desirable central location. The property offers studio, one- and two-bedroom apartment homes in the Poway Town Center, situated just 25 miles northeast of San Diego. In addition to its location, residents also enjoy community amenities, including a pool, laundry facilities and recycling.
