Mariner's Point, located at 373 Caspian Way, in the south county community of Imperial Beach, California, sold for $7.2 million. The two-story, 88-unit garden-style complex was built in 1985 and is located next to the Tijuana estuary nature preserve.
Floor plans consist of one bedroom/one bath and two-bedroom/two bath units. Common area amenities include a pool, spa, common laundry room, extra storage, patios or balconies, carports, and pitched roofs. Unit interiors feature dishwashers, garbage disposals and all electric kitchen appliances. Kevin Mulhern and Dick Schneider of CB Richard Ellis' San Diego Central office represented the seller, Province Group and the buyer, American Assets.
Meanwhile, the Grove Terrace Apartments at 2345 Grove Ave. in San Diego sold for $5.1 million. The 90-unit apartment community was built in 1972 with one level construction on the majority of the buildings. The complex features 40 one bed/one bath units, 38 two bed/one bath units and 12 three bed/2 bath units.
Eric Comer of CB Richard Ellis' San Diego Central office represented the seller, Sun and Sea Properties. David Mullin and John Chase of the Apartment Company represented the buyer, Grove Terrace Ltd.
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