Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-In one of the most recent apartment deals to close in the city in recent weeks, John Alioto of the Alioto Trust has acquired a nine-unit multifamily complex from private investor George Scoortis.

The two-story property, which stands at 4514 Cleveland Ave., has traded hands for $1.1 million. Constructed in 1970, it houses six one-bedroom apartments and three two-bedroom units.

Jim Hendershaw of ACI Commercial acted on behalf of the buyer in the recent transaction. The seller was represented by Chuck Weinberger of Award Commercial Properties, who tells GlobeSt.com that the acquisition has been financed with $675,000 in financing from World Savings and Loan.

Apartment assets continue to trade hands at a steady pace in the city, as the region still boasts one of the hottest multifamily markets in the country. Investors are attracted to this market because of its solid long-term fundamentals, such as a diverse job market and a burgeoning tenant base.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.