**Coronado Apartment Sale Closes Despite Deal Complexities**
Marcus & Millichap has announced the successful sale of Del Island Affordable Apartments, a 29-unit multifamily property located at 308 Orange Avenue in Coronado, California. The property sold for $9,615,000.
“Del Island represented a unique challenge in today’s regulatory and market environment,” said Aaron Bove, Senior Vice President of Investments at Marcus & Millichap’s San Diego Del Mar office. “Affordable housing transactions are some of the most nuanced in the multifamily space. This was one of the more challenging deals we’ve closed—not due to a lack of interest, but because of the legal, political, and development complexities tied to the expiring covenant and the recent passage of AB 1218.”
Bove, along with Jared Wallach, Associate at the San Diego Del Mar office, marketed the property on behalf of the seller, Motel Del Island. The buyer, 308 Orange, LLC, was represented by Scott Darnell of Darnell Capital Management.
The property occupies a 28,198-square-foot site and is situated within the R-4 zoning of the Orange Avenue Corridor Specific Plan, a location that adds to the property’s strategic value. Despite regulatory hurdles, the transaction highlights continued investor interest in multifamily assets within high-demand, infill coastal areas.
