In keeping with the strong multifamily market throughout the county, the deal penciled out to an impressive $82,558 per unit, with a price per sf of $111 for 64,020 sf of net rentable space. La Mesa and the greater San Diego area have experienced a run-up in both values and rents over the last two years.
The complex is about 30 years old. It includes standard amenities such as a recreation room, pool with spa and laundry facilities. It has 68 one-bedroom and 18 two-bedroom units.
The seller, Colina Partners, a limited-liability partnership, was represented by Philip Buckley of CB Richard Ellis' Central San Diego office.
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