The investment property is located at 7481-87 Mohawk St. The buyer was the Saranac Partnership LP. The seller was La Mesa 78 Associates.
Peter Scepanovic of Colliers International represented the buyer. Steve Huffman and Jules Arthur of Hendricks & Partners represented the seller.
The two building apartment complex was built in 1970 and recently renovated by the seller. The project consists of 55 one-bedroom, 16 two-bedroom, and 7 three-bedroom units. Andrew Gilligan of Washington Mutual Bank arranged financing for the sale.
Apartment vacancy rates are below 5% in much of San Diego County, despite the construction that has added thousands of new units to the area's inventory. The boom is expected to add many thousands more dwelling, sparking some concerns that key areas like Downtown could become overbuilt.
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