City Villas Apartments | 837 16th Street, San Diego, CA 92101 | 70 Units | $16,500,000 | $235,714 Per Unit | $385.96 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (August 7, 2024) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $16,500,000 / $235,714 Per Unit / $385.96 Per SF sale of City Villas Apartments, a 70-unit multifamily apartment community located in San Diego, California. The Buyer and Seller were represented by ABI Multifamily's Phoenix-based Institutional Arizona Team - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick who worked in conjunction with ABI Multifamily’s California office.
The Buyer and Seller are based in California.
City Villas Apartments is a 70-unit apartment community located in the East Village neighborhood of metro San Diego, CA. Located on the northeast corner of 16th Street and F Street, less than one mile away from Petco Park, home of the San Diego Padres, as well as the San Diego Convention Center, residents enjoy direct access to Downtown San Diego in addition to the rest of the San Diego MSA via the I-5, SR-94, and SR-163 highways. Additionally, a multitude of neighborhood conveniences and services are located nearby such as Albertsons, Walmart Neighborhood Market, and CVS Pharmacy in addition to the choice selection of boutique shopping and dining options available in the East Village and nearby North and South Park, Barrio Logan, and Golden Hill neighborhoods surrounding the downtown area.
Completed in 1988, the City Villas Apartments is constructed of wood frame and stucco with flat roofing. The property features a unit mix which consists of 8 studio units, 50 one-bedroom / one-bathroom units and 12 two-bedroom / two-bathroom units with a weighted average of 611 SF. The community also provides its residents with laundry facilities, elevator access, rooftop terrace, an open ground-level courtyard, secure gated entry, and structured parking.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, 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.