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2330 Grove Avenue, Chula Vi...

North Star Homes Acquires Country Airre Apartments In San Diego For $20M
SOLDMultiFamily

North Star Homes Acquires Country Airre Apartments In San Diego For $20M

2330 Grove Avenue, Chula Vista, California 92154, United States

$20,000,000

$303/SF

Building Size

65,960 SF

Asset Type

MultiFamily

Closing

May 18, 2022

AI

The Country Airre Apartments, located at 2330 Grove Ave in San Diego, have recently been sold in a closed transaction. The multifamily property was acquired by North Star Homes LP, represented by Michael Contreras, for a sale price of $20,000,000. The seller was Unison Investment. The sale was facilitated by Nancy Bush and Mike McKinney of Lyon Stahl, acting as the buyer and seller's representatives, respectively.

Summary of Transaction Details:

  • Property Type: Multifamily
  • Transaction Amount: $20,000,000
  • Address: 2330 Grove Ave - Country Airre Apartments
  • Market: San Diego

The Country Airre Apartments consist of 70 units, with an average price per unit (PPU) of $285,714. The total square footage of the property is 65,960, resulting in a price per square foot (PPSF) of $303.

Nancy Bush and Mike McKinney, both experienced brokers at Lyon Stahl, played a crucial role in the successful completion of this transaction. Their expertise and dedication contributed to the smooth negotiation and ultimate sale of the Country Airre Apartments.

Players

Mike McKinney

Lyon Stahl Investment Real Estate

Broker

$90.1M

vol

5 deals

Broker

Chula Vista MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.79%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93