February 21, 2024
4475 forty ninth St. in Talmadge. Picture credit score: Courtesy, Marcus & Millichap

A 12-unit residence constructing in Talmadge has been offered for $6.3 million, based on an actual property brokerage.

Tavarua Luxurious Flats, at 4475 forty ninth St., was upgraded with fashionable finishes and design touches, Marcus & Millichap mentioned, resulting in a record-breaking sale.

“This property introduced traders with the uncommon alternative to accumulate a luxurious asset in a excessive barrier-to-enter market. This sale worth represents the best worth per door ever paid for an residence asset in Talmadge,” says Austin Ray Huffman of Marcus & Millichap.

Huffman and Chris Zorbas, govt managing administrators of investments within the agency’s San Diego Del Mar workplace, represented the vendor, 4475 49th St LLC. Waypoint Companions, a multi-family actual property growth agency with a give attention to acquisition, meeting, design and growth inside San Diego County, oversaw the rehabilitation of the asset.

The unnamed patrons had been procured by Ben Sierpina, senior affiliate, and Raymond Choi, senior vice chairman of investments within the agency’s San Diego Downtown workplace.

Sierpina mentioned the property’s mixture of two-bedroom, two-bath models was “a significant promoting level for the patrons because of the excessive desirability of bigger models on this submarket.”

The Tavarua constructing, in-built 1965 and extensively reworked this 12 months, has models that common 1,000 sq. toes. Every of them is complemented with recessed LED lighting and designer ceiling followers with new inside finishes all through. Upgrades embrace ductless heating and cooling methods and in-unit washer/dryers.

Neighborhood facilities embrace a storage room, fashionable landscaping and considerable off-street parking. The property was 50% leased on the time of sale.

Marcus & Millichap (NYSE: MMI), a industrial actual property brokerage agency, makes a speciality of funding gross sales, financing, analysis and advisory providers.