Marcus & Millichap has successfully sold a 52-unit apartment complex located at 940 Palm Ave. in National City for $15 million. According to Aaron Bove, senior managing director investments at Marcus & Millichap’s San Diego Del Mar office, the city is experiencing a surge in multifamily sales due to its prime location within Greater San Diego and its affordability compared to neighboring cities. This has led to strong rental demand from a diverse population seeking proximity to employment hubs, educational institutions, and urban amenities.
Bove represented the seller Admiralty Apartments LLC during the sale process and also secured the buyer – a private trust. By generating 10 offers for the property, Bove was able create an environment that allowed for flexibility without compromising on price or terms.
