SAN DIEGO, CA - CBRE announced that Immobilier Funds purchased Casa Lane Townhomes, a 30-unit townhome community in Lemon Grove, Calif., for $9.05 million, or $301,600 price per unit. The sale marks the highest price per unit paid for a multifamily asset in Lemon Grove to date.
CBRE’s John Newton and Kevin Mulhern represented the seller, Free Sacred Trinity Church.
Casa Lane Townhomes is a three-building community located at 7010-14 Casa Lane. Each two-story townhome features two bedrooms and private outdoor space. The property was recently renovated to include modern kitchen finishes and appliances and in-unit washer/dryers. Newly renovated building systems include mini-split air conditioning units, stucco, dual pane windows and roofing. The gated community also includes a pool and ample parking.
Casa Lane Townhomes sits less than two miles from the Lemon Grove Depot Trolley Station and less than a mile from Highway 94, providing immediate access to major employers in San Diego County. The property is also located less than a mile from Lemon Grove Plaza, which encompasses 190,000 square feet of retail.
“Free Sacred Trinity Church engaged CBRE to advise on the conversion from corporate use into a market-rate multifamily asset. It was the first time on the market. Working together, we implemented a defined strategy to maximize potential value and deliver a record setting price for the ownership,” said Mr. Newton, CBRE.
“Immobilier Funds is pleased to add this spacious townhome community to our multifamily workforce housing portfolio. We are proud to take over the stewardship from the original owner who built the property in 1988 and used the property as extended stay housing for their business guests. We intend to add further value with the construction of two accessory dwelling units as well as other property and unit enhancements,” said Scott DeGoler, Managing Partner, Immobilier Funds.
The property will be managed by Property ADVANTAGE.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.