Apartment Realty Group (ARG) successfully brokered the sale of a 16-unit apartment community in San Diego’s Mira Mesa submarket. Both the buyer and seller were executing a 1031 exchange, with ARG’s brokerage team securing this asset as the buyer’s upleg while simultaneously closing on their downleg property.
The $4.9-million deal involved two contiguous and identical eight-unit apartment complexes at 8855 and 8865 Mira Mesa Blvd., represented by ARG senior managing partner James Carter and VP Angelo La Bruno for seller SIGMM LLC, who procured buyers Duc H. Bui & Kira Nguyen from the local area.
Carter commented that “Mira Mesa is an infrequently traded submarket, making this asset an ideal replacement property for our buyers who already own similar assets in close proximity.”
