Marcus & Millichap, a leading real estate investment firm, recently completed the sale of a 19-unit apartment complex in National City for $8.845 million. The buyer, a private investor procured by Tom McCartin from Marcus & Millichap’s San Diego Del Mar office, utilized funds from the sale of another property to complete a 1031 exchange.
Located at 611 Highland Ave., this newly built asset boasts high-end finishes and energy-efficient features such as solar panels to minimize expenses. The majority of its units are spacious two-bedroom apartments that command market rate rents.
According to McCartin, who facilitated the transaction on behalf of both parties with his expertise as Senior Vice President Investments at Marcus & Millichap: “Based on current rental rates and projected expenses, the buyer is expecting an attractive cap rate of approximately 5.25%.”
