Pacific Current Partners Acquires Multifamily Asset From Westerlund Family For $20.35M In San Diego

The asset involved in this transaction is a multifamily property located at 510 North Melrose Drive in San Diego. The total sale price for the property was $20,350,000, which comprises 150 units. The total square footage of the property is 456,944, leading to a price per unit of approximately $135,666 and a price per square foot of $44.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,350,000
• Buyer: Pacific Current Partners
• Seller: Westerlund Family - Melrose Trailer Park Inc., A California Corporation
• Broker: Dustin B. Wilmer - Marcus & Millichap
• Units: 150
• Square Feet: 456,944
• Price Per Unit: $135,666
• Price Per Square Foot: $44

This transaction involved Dustin B. Wilmer from Marcus & Millichap representing the seller, Westerlund Family - Melrose Trailer Park Inc. The properties, Melrose & Olive, have been in the seller's family since their inception and present a unique investment opportunity due to their long-term ownership and established occupancy levels of approximately 98%.