SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of 9737 Riverview Avenue, an 11 unit apartment property located in the Lakeside, a community just outside of San Diego.
The 11,415 square foot property situated on a 20,585 square foot lot was sold by KA Real Estate, LLC for $3,125,000.
The seller was represented by Anton Burman of ACI, while the buyer, The Family Trust of Joe Busalacchi was represented by Travis Jaedtke of Strategic Real Estate Group as part of a 1031 exchange.
All 11 units, with a mix of all three bedroom and two bathroom spaces, have been turned at time of sale with a GRM of 13.5. In all, the property received approximately $250,000 in renovations over the last 12 months on both exterior and interior elements.
Interior improvements include new cabinets and countertops in the kitchen and baths, brand new kitchen appliances, new carpeting and flooring, new shower and tubs, and new vanities in the bathrooms. Exterior renovations include brand new roof, new exterior paint, new mailbox for tenants, newer garage doors and a recently paved parking lot and driveway. In addition to 15 garages and an on-site laundry facility, the location has ample off street parking.
Established in 1982, Apartment Consultants, Inc. (ACI) is a multifamily brokerage firm that specializes in apartment and investment property transactions. We have maintained a solid performance despite changing economic cycles with an average of more than 140 closed escrows per year – that’s more properties than the number two and number three firms combined. Learn more about ACI at www.aciapartments.com
For more information about this transaction, contact Anton Burman at 619-725-3676 or apartmentanton@gmail.com