Whitewater Commercial Real Estate has arranged the sale of Town Pines, a value-add multifamily property located at 3013 C St. in the Golden Hill neighborhood. The San Diego-based brokerage, which focuses on multifamily transactions, completed the assignment on behalf of both the seller and the buyer in an investment sale totaling $5,337,276.
Cole Silverman, Connor Stolle, and Carson Trujillo of Whitewater represented seller Stephanie Ranum and buyer Pfeiffer Properties, LLC in the transaction. The asset was acquired by a 1031 exchange buyer, indicating that the purchaser redeployed proceeds from a prior disposition into this Golden Hill property to complete a tax-deferred exchange.
Silverman noted that Golden Hill remains one of San Diego’s most desirable urban rental submarkets, supported by its central location and consistent renter demand. The neighborhood benefits from its proximity to Downtown San Diego, Balboa Park, and other surrounding communities, reinforcing its position as an infill rental area with strong appeal to tenants.
Town Pines totals 22 units and was built in 1985. The property features a mix of one- and two-bedroom apartments, providing a range of unit sizes for renters seeking housing in the Golden Hill submarket. In addition to its unit mix, the community includes 33 secure, ground-level gated parking spaces that offer dedicated parking for residents.
The complex is further supported by onsite laundry facilities, adding a basic but important convenience amenity for residents. The combination of secure parking, laundry, and its location within an established urban neighborhood positions the property as a stable workforce housing option with room for operational improvement.
According to Whitewater, Town Pines provides the buyer with a well-located multifamily asset that already demonstrates solid fundamentals while still offering long-term value-add potential. The upside is tied primarily to in-place rents that are described as below market, along with the opportunity for strategic interior renovations designed to bring units more in line with current renter expectations and prevailing market rents.
The transaction highlights continued investor interest in infill multifamily opportunities in Golden Hill, where demand drivers such as access to employment centers, entertainment districts, and major cultural amenities remain intact. For the 1031 exchange buyer, the acquisition of a 1980s-vintage, 22-unit property with identified renovation and rent growth potential aligns with a value-add investment strategy in a supply-constrained urban environment.
