Northmarq announces $7 million sale of Royal Apartments in San Diego, California

Royal Apts
Investment Sales - Multifamily
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Multifamily
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SAN DIEGO, CALIFORNIA (April 18, 2023) — Benn Vogelsang, senior vice president of Northmarq’s San Diego office, arranged the $7 million sale of Royal Apartments. The 48-unit multifamily property was built in 1963 and is located at 5101-5111 Towle Court in San Diego, California. The buyer, Towle Court Village LLC, and seller, PI Properties No. 5 LLC, were represented by Benn Vogelsang of Northmarq.

“This project has tremendous upside in rent and is one of the best recent value-add deals,” said Vogelsang.

Located in the Chollas Creek neighborhood, Royal Apartments is a quiet and affordable community consisting of approximately 370 sq. ft. studio apartment homes. The two-story building offers furnished units, laundry facilities, and a pool. Residents enjoy walking distance to shopping and dining as well as a short drive to five different parks within 5.4 miles, including the Chollas Lake Park, San Diego Zoo, and the Fleet Science Center.

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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.
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