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LA JOLLA, CA-A private investor has shelled out nearly $3 million for a La Jolla apartment building, as demand for multifamily product continues to soar in San Diego County.

The La Jolla property, known as 33rd Street, was only on the market for three weeks before it went under contract, according to broker Chad Bramwell of Hendricks & Partners’ San Diego office who worked on the deal. Built in 1989, the facility consists of 18 one-bedroom floor plans and 14 two-bedroom, two-bath units. The three-story building also contains an elevator and gated parking. It is located at 1010 N. 33rd St., just around the corner from a new elementary school that is currently being built.

The seller, Christina Andrews, decided to exchange 33rd St. for some apartment buildings in Canada, Bramwell tells GlobeSt.com. He adds that the “apartment business is still a seller’s market.”

The transaction was brokered by Bramwell, along with Hendricks & Partners’ colleague Jules Arthur. Escrow and title services were provided by United Title.

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