Marcus & Millichap, a leading real estate investment firm, recently completed the sale of Casa Florencia in San Diego for $5.3 million. The 12-unit apartment property, located at 1433 Thomas Ave., was sold by a private investor who had owned and managed it for over 50 years.
According to Cole Silverman, an investment associate at Marcus & Millichap’s San Diego Del Mar Office, the sellers were looking to exchange their capital out of state into a passive investment that would increase cashflow and reduce hands-on operations stress.
Silverman and Carson Trujillo, first VP investments at Marcus & Millichap’s San Diego Del Mar office expertly marketed the property on behalf of the seller. Their efforts resulted in multiple competing offers from which they were able to secure an all-cash buyer – Valentino Properties Inc., a California corporation.
“We successfully negotiated no seller credits during escrow and closed on the sellers’ 1031 exchange property just eleven days after closing Casa Florencia,” added Silverman.
This recent transaction highlights how experienced professionals like those at Marcus & Millichap can assist multifamily owners in divesting their properties after decades of ownership.
