Multifamily - Sale


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. 

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.