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Private Investor Acquires 23 Units in San Diego

SAN DIEGO-Carl Venstrom of Carlsbad purchases the Kemper Street multifamily complex from locally based Loma Scenic Apartments LP in a deal worth nearly $2.9 million. Built in 1961, the property is comprised of two, freestanding buildings that were 100% occupied at time of sale.

By Erin Cassin | Updated on October 22, 2004

SAN DIEGO-A Carlsbad-based private investor has shelled out nearly $2.9 for an apartment complex located at 3181 and 3191 Kemper St. here.The multifamily asset, which is known as Kemper Street, is comprised of two freestanding facilities that house a total of 23 units combined. The building located at 3181 Kemper St. is comprised of 15 units, while 3191 Kemper St. consists of eight units. Built in 1961, the complex includes two laundry rooms–one in each building. The property’s unit mix breaks down as 19 studios encompassing 400 sf each; three one-bedroom, one-bath units comprised of 675 sf each; and one two-bedroom, one-bath unit totaling 800 sf. At the time of sale, the Kemper Street asset was “effectively, 100% occupied,” according to Patrick Doyle of the local office of Hendricks & Partners, who explains that one apartment unit was actually vacant, but pre-rented. Doyle brokered the recent transaction on behalf of both the buyer, Carl Venstrom, and the locally based seller, Loma Scenic Apartments LP.The building was put under contract in May, but escrow took about five months to close, Doyle tells GlobeSt.com. “Part of the gig was that the buyer had to release a lot of hard money into the deal,” Doyle explains, adding that Venstrom “wanted to be able to properly market two other properties he wanted to sell and basically achieve top dollar.” According to Doyle, Venstrom was successful and thus, “made sense of this trade into these properties.”"This is not a condo-conversion building by any means,” Doyle says, explaining that the apartments are basically too small. As Doyle points out, “you kind of have to look at this as a completely different animal, but, when it all wraps up, it sold for about a 4½% cap on current income.”

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