Multifamily - Sale

NorthMarq arranges sale of The Cove in La Mesa, California

SAN DIEGO, CALIFORNIA (April 8, 2021) – NorthMarq’s Kyle Pinkalla, managing director – San Diego, and Shane Shafer, managing director – Newport Beach, completed the sale of The Cove in La Mesa, California.  

NorthMarq represented IEC, who sold the property to Bridge Investment Group based in Salt Lake City, UT.  The apartment complex, located at 7400 Parkway Drive, La Mesa, California, is 133-units. The buyers plan to invest roughly $10,000 per unit in interior and exterior renovations.  

Built in 1976, the property consists of nine two-story buildings on 6.14 acres of land occupying a rentable area of 107,725 square feet. The Cove encompasses 84 one-bedroom units measuring 750 square feet each, 44 two-bedroom units measuring 900 square feet each, and five three-bedroom units measuring 1,025 square feet each. 

“There is an extreme amount of capital looking to be placed in San Diego, since the city has so little new product coming to market.  In this case, we had strong investor interest in this listing due to the strong employment projections and few investment opportunities,” said Pinkalla. 

NorthMarq’s Q4 market report shares more of the market dynamics, along with pricing and occupancy trends. 

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.