The sale of Mar at Mesa Apartment Homes, a 62-unit multifamily property in San Diego, was recently arranged by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The specific price for the transaction was not disclosed.
According to IPA executive managing director investments Chris Zorbas, Mar at Mesa is an attractive value-add asset situated in a sought-after and low-traffic area within central San Diego. Previous ownership made significant investments to update the common areas and exteriors of the property as well as renovate 11 units, providing ample potential for increased revenue under new ownership.
Zorbas worked alongside his colleagues Alexander Garcia Jr. and Kyle Pinkalla from IPA to represent the seller during negotiations while also securing F&F Properties’ affiliate as the buyer.
Originally built in 1988 with renovations completed in 2022, Mar at Mesa is located on Angelucci Street just seven miles away from Downtown San Diego. Its convenient location near Interstates 5, 8,and805 along with California state routes52and163 make it easily accessible for residents. Community amenities include a swimming pool with sundeck area,a spa,a barbecue space,a firepit,and off-street parking options along with an on-site laundry facility.
