SAN DIEGO – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that the Pacific Sun Apartments in Vista sold for $4.1 million.
The property is located at 951 Taylor Street and totals 36 apartment units. Built in 1989, the project features 24 one-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom units. Each unit includes a one-car garage. The property offers attractive grounds, a quiet location, patio yards or balconies, and large units. The improvements include stucco with wood trim and pitched ceramic tile roofs.
The $4.1 million sale price equates to $113,889 per unit or approximately $145 per square foot. The cap rate on the in-place income is estimated at 5.8 percent; however, the current rental rates are low. The terms of the transaction were cash down payment to a new first loan provided by CJ Donovan and Andrew Gilligan of Chase Commercial Bank.
Ray Adams of Cassidy Turley BRE Commercial represented the buyer, Judd RR Investments, LLC, and the seller, Kuhio Partnership, in the transaction. Escrow and title services were provided First American Title. The escrow officers were Kate MacAllister and Meg Kilfoil and the title representatives were Mike Venti and Jim Sardo.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded nearly $1.2 billion in transactions in 2010. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.