Marcus & Millichap arranged the sale of Hawaiian Gardens, a 64-unit apartment property located at 1031 Imperial Beach Blvd. in Imperial Beach for $19,000,000. SVP Investment Tom McCartin represented both the seller – a private investor – and buyer F&F Properties based locally to facilitate the transaction.
McCartin noted that “the buyer plans on doing a full interior and exterior rehab to the property which should greatly improve the Imperial Beach rental housing submarket” as rents were well below market at time of sale due to multiple competing offers generated by attractive seller financing options available. Built in 1973, Hawaiian Gardens consists primarily of two-bedroom units.
