Northmarq arranges $6.315 million sale of Vista de Helix, a 28-unit apartment community in Spring Valley, California
SAN DIEGO (May 5, 2023) — Benn Vogelsang, senior vice president of Northmarq’s San Diego office, arranged the $6.315 million sale of the 28-unit Vista de Helix apartment community at 8707 Troy Street in Spring Valley, California. Vogelsang represented the seller, 8707 Troy St LLC of Arcadia. The buyer, AZI Park Place I LLC of San Diego, was represented by Brian Jenkins of Commercial Asset Advisors. Both buyer and seller were involved in 1031 exchanges.
“This sale had great assumable financing and closed at a 5.71% cap rate,” said Vogelsang. Escrow was 187 days and closed on May 3, 2023. The buyer assumed the existing financing.
The 27,300 sq. ft. property (built in 1978) consists of recently renovated, large two-bedroom units. Vista de Helix offers 975 sq. ft. apartment homes with access to laundry facilities and a pool. Residents enjoy the convenience of suburban life in Spring Valley, in addition to close proximity to the Rancho San Diego Towne Center, Downtown San Diego, and the 94 and 125 freeways.
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