Marcus & Millichap recently completed the sale of Tavarua Luxury Apartments, a 12-unit property located in the highly desirable Talmadge neighborhood of San Diego. The asset, situated at 4475 49th St., was sold for $6.3 million.
According to Austin Ray Huffman, Vice President of Investments at Marcus & Millichap’s Del Mar office, this property presented investors with a rare opportunity to acquire a luxury asset in an area with high barriers to entry. The sale price sets a new record for the highest price per unit ever paid for an apartment complex in Talmadge. The sellers spared no expense in upgrading the property with modern and luxurious finishes.
Huffman and Chris Zorbas, Executive Managing Director of Investments at Marcus & Millichap’s San Diego Del Mar office represented the seller, 4475 49th St LLC. Waypoint Partners oversaw the rehabilitation development on this exceptional asset.
The buyer was procured by Ben Sierpina (Senior Associate) and Raymond Choi (Senior Vice President) from Marcus & Millichap’s Downtown San Diego office on behalf of California Limited Partnership and Limited Liability Company as tenants-in-common.
This transaction marks another success story for luxury apartments in Talmadge as it achieved record-breaking prices without compromising quality or location.
