SAN DIEGO—A multi-family portfolio involving the Pacific Cove, Genesis and Casa Serena apartment complexes has been purchased by Positive Investments, of Arcadia, CA, for a combined price of $17.4 million.
Joseph Chavez, senior vice president of Lee & Associates Investment Services Group, represented the buyer.
Pacific Cove, comprised of 81 units is located at 4019-4027 Oakcrest Drive. It sold for $7.75 million and is 100% leased. The Genesis Apartments, which sold for $5.4 million, is located at 5492-96 Imperial Ave., and is 98% leased. Casa Serena, with 37 units and located 6433-6456 Shaules Street, sold for $4.2 million and is 100% leased.
The portfolio was sold by San Diego-based Mundt Trust, which was represented by Mack Langston of Pacific Coast Commercial.
“Time was of the essence and the ability of the brokers to get each client to recognize the value of each party and put together strong enough terms was the primary driver to close this deal, which we were able to do in 10 days,” said Chavez.
Chavez said Positive Investments plans to hold the properties and plans to make improvement. Lee & Associates is the largest broker-owned firm in the country with locations across the nation.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
