Marcus & Millichap closed the sale of Casa Florencia, a 12-unit apartment property located at 1433 Thomas Ave. in San Diego. The asset was sold for $5,300,000.
“After owning and managing the apartments for over 50 years, the sellers wanted to exchange their capital out of state into a passive investment while increasing their cashflow and reducing the stress of hands-on operations,” said Cole Silverman, investment associate in Marcus & Millichap’s San Diego Del Mar Office.
Silverman and Carson Trujillo, first VP investments in the firm’s San Diego Del Mar office, marketed the property on behalf of the seller, a private investor. They were able to generate multiple competing offers and close with an all-cash buyer, Valentino Properties, Inc., a California corporation.
“We were able to negotiate no seller credits during escrow and closed the sellers’ 1031 exchange property 11 days after closing Casa Florencia,” Silverman added.
