The buyer has shelled out $106,667 per unit for the property, which translates to $1.6 million total. The asset, known as Lincoln, stands at 414 S. Lincoln Ave. It has been sold by the Carolyn Christine Koon Family Trust of San Diego.
Steve Huffman of the San Diego office of Hendricks & Partners brokered the transaction.
The Lincoln transaction is the latest example of the popularity of smaller sized apartment product in San Diego County. According to recent research by Marcus & Millichap, buyers' interest in properties with less than 20 units has "propelled the countywide average up by 19%, to $104,000 per unit." The report also points out that "investment activity is expected to stay heated in 2004, as improving fundamentals are likely to keep a steady stream of buyers entering the market."
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