75-Year-Old Apartment Building Trades for $1.9M

SAN DIEGO, CA-Two private investors have acquired a 75-year-old apartment complex in San Diego for nearly $1.9 million.

Located at 1726-38 ½ Upas St., the courtyard property was originally built as the officials’ quarters for the World Expo. The complex, which contains 13 courtyard-style units, is surrounded by a lush garden setting.

The buyers, Steven Lizanech and Michelle Hayden of Del Mar, have purchased the property from Carlsbad-based Brothers II LLC. Chad Bramwell and Pamela Ruegg of the San Diego office of Hendricks & Partners brokered the transaction.

The transaction comes as the San Diego apartment market continues to hold its own, boasting some of the lowest occupancy levels and highest sales prices in the country. According to a third quarter report by RealFacts, “institutional investors, who have turned away from many areas where rents are declining and occupancy rates are in the low 90s, turn to the San Diego market as a safe haven for their capital.”