Northmarq announces $7 million sale of Royal Apartments in San Diego, California
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 a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
