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$16M Buys 124-Unit San Diego Complex

SAN DIEGO, CA-Point Loma Investors LP, with Joe Sapp as the managing partner, acquires the multifamily property from private investor Mark Gosselin. The new owner may position the asset as a condominium conversion.

By Erin Cassin | Updated on July 15, 2004

SAN DIEGO, CA-Yet another apartment asset in the city has traded hands, as the 124-unit Point at La Plaza complex has been acquired for a total of $16 million, which translates to approximately $129,032 per unit. Point Loma Investors LP, with Joe Sapp as managing partner, has purchased the property from private investor Mark Gosselin.”The seller is an experienced, multifamily property owner in San Diego County, so he saw an opportunity to sell and upgrade,” says Michael Dyer of Burnham Real Estate Oncor International, who worked on the transaction. He says Gosselin has used the sale proceeds to acquire a larger property. Gosselin, who purchased Point at La Plaza in the late 1990s, had recently renovated the 1960s property. The complex features a fitness center, swimming pool and covered parking for all units. Comprised of studio, one-bedroom and two-bedroom units, Point at La Plaza was approximately 95% occupied at the time of sale, Dyer tells GlobeSt.com.Dyer, along with Burnham colleagues John Chu and Ed Rosen, acted on behalf of both Gosselin and Point Loma Investors LP. According to Dyer, the buyer looked at Point at La Plaza as “essentially irreplaceable in current market conditions,” adding that the LP “saw it as a well-located investment that could be potentially positioned as a condominium conversion.”

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