Updated Oct 28, 2024
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
About this deal
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.
On the Map
$20,000,000
$303/SF
MultiFamily
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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