14 Units | $4,850,000 | $346,429 Per Unit | $502.59 Per SF
8 Units | $2,150,000 | $268,750 Per Unit | $544.30 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Arizona and San Diego, Calif. – August 19, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $4,850,000 / $346,429 Per Unit / $502.59 Per SF sale of Baywalk Manor and the $2,150,000 / $268,750 Per Unit / $544.30 Per SF sale of Magnolia Manor, both in San Diego
Baywalk Manor is a 14-unit apartment community located in the Pacific Beach neighborhood of San Diego’s Metro submarket. The property offers an attractive mix of six one-bedroom and eight two-bedroom units.
Also located in Pacific Beach is Magnolia Manor, an eight-unit apartment community made up of six junior one-bedroom and two two-bedroom units.
Baywalk Manor was built in 1957, Magnolia Manor in 1952. Both properties received significant renovations in 2018.
Upgrades to Baywalk Manor consisted of all-new doors and windows throughout, new roofs with cool roof coating and an exterior repaint rated for 25 years.
Improvements at Magnolia Manor included new bathrooms, fixtures, doors, double-pane windows and other cosmetic enhancements.
Partner Patrick J. Doyle, CCIM, and Senior VP Eric Turner of ABI Multifamily’s San Diego office represented the Seller.
“Both Magnolia Manor and Baywalk Manor are appealing properties in a highly desirable part of town,” Doyle said. “They are conveniently located near Mission Bay, the Mission Bay Golf Course and De Anza Cove, and the I-5 freeway is easily accessible. The recent capital improvements ensured the Seller a good rate of return and should provide the Buyer a stable growth platform going forward.”
The Buyer for both properties is a private investment and property management company located in San Diego.
The Seller is a private real estate investment firm, also located in the San Diego area.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm focused exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.