Marcus & Millichap has successfully completed the sale of two apartment properties in North Park, San Diego. The first property, located at 4642 Oregon St., consists of nine units and sold for $2,930,000. The second property is an eight-unit complex located at 4632 Oregon St., which sold for $2,560,000.
According to Austin Ray Huffman from Marcus & Millichap’s San Diego Del Mar office: “Our strategic marketing approach generated a high level of interest in these properties that had not been on the market for over five decades.” This resulted in over 13 competitive offers being received. Ultimately both properties were purchased by Garden Properties at a price close to their list prices with an all-cash offer. This transaction marks one of the largest sales in North Park within the past two years.
The seller was represented by Huffman and Christopher J. Zorbas from Marcus & Millichap’s San Diego Del Mar office while Anelia Genchev from Century 21 Affiliated represented Garden Properties as the buyer.
This sale highlights a rare opportunity to acquire neighboring apartment complexes that have been held by one family trust for over half a century.
