NorthMarq arranges sale of Solstice Apartments in San Diego, California for $7.7 million

Solstice Apartments

Investment Sales - Multifamily

Multi-Tenant

SAN DIEGO, CALIFORNIA (March 31, 2021) – The San Diego Investment Sales team consisting of Erik Anderson and Kyle Pinkalla, arranged the $7.7 million sale of Solstice Apartments. The 28-unit multifamily property is located at 7240 El Cajon Boulevard in San Diego, California within the College submarket.

The property is a 3-story, 20,822 square foot building sitting on 0.32 acres. The building is comprised of 2 studios, 2 one-bedrooms and 24 two-bedrooms. The property was built in 1972.

“This sale is a testament to our deep-rooted connections within the San Diego market,” said Anderson. “We were able to procure a 1031 exchange buyer and deliver a fantastic outcome for our client IEC, with a smooth close and at their pricing expectations. The seller was able to hit their return metrics and the new buyer will enjoy a quality turnkey asset for years to come. "

The property was purchased from Interstate Equities Corporation, represented by Anderson and Pinkalla. The buyer is an undisclosed 1031 exchange buyer.

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About Northmarq

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.