Northmarq’s San Diego office arranges $5.935 million sale of 25-unit apartment community in Chula Vista, California
SAN DIEGO, CALIFORNIA (April 20, 2023) — Benn Vogelsang, senior vice president of Northmarq’s San Diego office, arranged the $5.935 million sale of a 25-unit apartment building at 175 E Street in Chula Vista, California. Wasatch Apartment Properties, LLC of Rancho Santa Fe purchased the property from Kiku Gardens of Chula Vista. Benn Vogelsang of Northmarq represented the seller, and Bob Weinberger of RJW Properties represented the 1031 exchange buyer.
“This sale closed at $237,400 per unit and had a strong 4.9% cap rate with additional upside,” said Vogelsang.
The property was built in 1962 and consists of 25 units, one two-bedroom manager unit and 24 one-bedroom units (425 sq. ft. each). The two-story apartment community is situated in between the Pacific Coast and the mountains of the Otay Open Space Preserve, leaving residents to enjoy beautiful parks and a range of outdoor activities. 175 E Street has four parks within five miles, including the Living Coast Discovery Center, San Diego Bay National Wildlife Refuge, and Sweetwater Regional Park.
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