North Park, CA – December 12, 2024 – Lee & Associates – The Von Bluecher Group – the Lee & Associates San Diego Multifamily team – successfully represented the seller in the North Park Multifamily sale of 3746 31st St, a well-maintained apartment building located just steps from University Avenue and the vibrant 30th Street corridor. Through our strategic multi-phase marketing process, we navigated challenges such as a high-interest rate environment, the property’s age, and three vacancies…
59-Unit Multifamily Investment Building in Vista Sold for $14.1M
Vista, CA –August 8, 2024 – Lee & Associates – The Von Bluecher Group, the Multifamily Group of Lee & Associates North San Diego County, represented the seller and repeat client, The Ivicevic Family Trust, in the sale of the Pine View Apartments, a 59-unit multifamily investment in Vista, CA. The sales price was $14,100,000, which equates to $238,983 per unit and $273 per square foot, with an estimated cap rate around 5% and approximately…
44-Unit Multifamily Investment Building in San Diego Sold for $7,125,000
San Diego, CA –March 5, 2024 – Lee & Associates – NSDC is excited to announce the sale of 5052 Wightman Street, a 44-unit multifamily investment property located in San Diego. The Von Bluecher Group – the Multifamily brokerage team of Lee & Associates North San Diego County, Eric von Bluecher and Ivan Del Muro-Garcia brokered the sale of 44 units in the City Heights/Colina Del Sol neighborhood of San Diego, representing both the…
Historic “Kahle Residence” in San Diego’s Golden Hill Sells for $1,196,000
San Diego, CA – January 19, 2024 – Lee & Associates – NSDC, is excited to announce the sale of 1058 21st St, a historical residential/mixed use property in San Diego. This vernacular-style home was originally constructed as a single-family residence and later converted into an office space, operating seamlessly for over 35 years. Despite the building’s age, it remained well maintained throughout multiple decades of ownership. The comprehensive marketing plan, officially launched…
4-Unit Multifamily Investment Property in Vista Sells for $1,387,430
Vista, CA –January 11, 2024 – Lee & Associates – NSDC, a premier commercial real estate firm in San Diego County, is excited to announce the sale of 247 Alestar St, a 4-unit investment property in Vista. The property was sold for $1,387,430 which was 103% of the listing price. Brought to market on November 1, 2023, The Von Bluecher, the Lee & Associates North San Diego County Multifamily Team – Eric von Bluecher…
8-Unit Multifamily Investment Property in North Park Sells for $2,775,000
North Park, CA – January 9, 2024 – Lee & Associates – NSDC, a premier commercial real estate firm in San Diego County, is excited to announce the sale of 3711 Grim Avenue, an 8-unit investment property in North Park. The property was sold for $2,775,000 which was $25,000 above the listing price. Brought to market on November 1, 2023, The Von Bluecher Group executed full marketing and were able to generate multiple offers from…
38-Unit Multifamily Investment Property in El Cajon Sold for $9M
El Cajon, CA – January 25, 2022 – Lee & Associates Multifamily Advisory Group (MAG) and Eric von Bluecher just completed the sale of 38 Units in El Cajon. The property was well maintained and featured 16, two bed, one bath units, 16, one bed, one bath units, six studios, 31 parking spaces, community pool and laundry room. Eric von Bluecher and the Lee & Associates Marketing Team executed full marketing on the property, generated multiple offers from…
Crown Point Investment Property Sells for $8,075,000
October 27, 2021 (San Diego, CA) – Lee & Associates – North San Diego County announces the sale of a 19-unit, multifamily investment property located at 3833 Jewell Street, CA for $8.075 million, or $565/SF and $425,000/Unit. Eric von Bluecher, of Lee & Associates – NSDC’s Multifamily Advisory Group represented the buyer, SK 4 NATIONWIDE, L.P., and the Seller, RIVIERA JEWELL APARTMENTS, LLC The 19-unit multifamily investment property, located in an A+ location…
Driving the Residential Market
The San Diego apartment market continues to be on fire with multiple offers on each appropriately priced multifamily offering. Cap rates below 4% are becoming a reality. Rents are continuing to rise, vacancies are declining, and the number of units available is shrinking. Vacancies are at 2.4%, rent growth is at 12.8% across the board where newer buildings increased in the 15-17% range. When COVID hit, it pushed most renters away from the coast in…