Northmarq arranges $4.1 million sale of Chalet Central apartments
Chalet Central
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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
