Trust sells 16 residential units for $6.15 million, a record per unit for Imperial Beach
An apartment building in Imperial Beach has sold for $6.15 million, at a record price per unit in the community.
Marcus and Millisap (NYSE: MMI), a commercial real estate brokerage specializing in investment sales, financing, research and advisory services, said a trust sold Cypress Townhouses, a 16-unit property on Cypress Avenue.
Like Carson Trujillo and Connor Stoll, multi-family investment specialists in Marcus and Millisap’s downtown San Diego office, seller, 2000 Dale Wayne Pruitt and Ellen Joy Pruitt Revocable Trust.
The duo also represented the all-cash buyer, an unnamed personal trust. According to Trujillo, this property sold for $425,000 above list price with the record for the highest selling price per unit set in IB.
The renovated complex, south of the Otay River and San Diego Bay, contains 16 two-bedroom/1.5-bath townhouses. Exterior features include underground parking, recently upgraded windows and paint, a pitched roof that was replaced in 2017, and private outdoor balconies and patios.