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