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57 Units Fetch $121,000 Each

SAN DIEGO-The Pacific Pines Village apartment complex sells to Thomas L. Behr and Lila Rae Behr for a total of $6.9 million. The property is located at 46th Street and Menlo Avenue in the Talmadge Park area of San Diego.

By Erin Cassin | Updated on March 25, 2004

SAN DIEGO-A 57-unit apartment complex in the Talmadge Park area of the city has traded hands in a deal valued at $6.9 million, or $121,000 per unit, with a cap rate close to 6%.

The asset, known as Pacific Pines Village, is comprised of three separate facilities that had previously been purchased individually and gated. These three buildings now operate as one project. The newest of the three buildings is Pacific Pines I, which is located at 4355 46th St. Built in 1986, it houses 20 units. Pacific Pines II, which is comprised of 10 units, stands at 4406 Menlo Ave. It dates back to 1961. The third facility, known as Pacific Pines III, is situated nearby at 4366 Menlo Ave. This 27-unit building was constructed in 1969.

Interior amenities at Pacific Pines Village include refrigerators, waste disposals, electric/gas heating and ceiling fans. Select units also include dishwashers, tiled countertops, private patios or balconies, wall air conditioning, garden bay windows, and walk-in closets. The exterior amenity package is comprised of a swimming pool; barbeque area/sun deck; gated access with intercom; elevator; subterranean, covered and open parking spaces; and laundry facilities. During the seller’s period of ownership, Pacific Pines Village underwent a renovation project that resulted in improvements to the roofs, asphalt, swimming pool, exterior paint, lighting, landscaping, boilers, signage, carpet and appliances.

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