Marcus & Millichap recently completed the sale of a nine-unit apartment complex in San Diego’s North Park neighborhood. The property, located at 3981 Oregon St., sold for $4,535,000.
The transaction was facilitated by senior associate Ben Sierpina and SVP investments Raymond Choi from Marcus & Millichap’s San Diego Downtown office. They represented the sellers, Garret Reuter and Matthew Holt, while also procuring a local private investor as the buyer.
According to Sierpina: “This sale marks an important milestone for North Park as it is the first extensively renovated complex over five units to trade this year. It has set a new pricing benchmark for the submarket.” He added that “the seller will be executing a 1031 exchange while the buyer closed all cash.”
The building comprises three two-bedroom/one-bathroom units and six one-bedroom/one-bathroom units. In 2023, it underwent major renovations including updates to plumbing and electrical systems. All units were fully leased with premium rents achieved after renovation.
This successful transaction highlights North Park’s strong real estate market and serves as evidence of Marcus & Millichap’s expertise in facilitating high-value deals in this area.
