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Group That Supports Veterans Buys Aging Apartment Building in North Park for Nearly $5M


 

4058-74 Hamilton St. in North Park. Photo credit: Courtesy, Marcus & Millichap

An organization that aids veterans in need of transitional housing and other services has purchased a 12-unit cottage property in North Park for $4.9 million.

Ben Sierpina and Raymond S. Choi, investment specialists in Marcus & Millichap’s San Diego Downtown office, represented the seller, a private corporation that was dissolving.

The buyer, Warrior Foundation Freedom Station, was represented by Dylan Wright and Connor Arleo of ACRE Investment Real Estate Services.

The South Park-based group’s website describes the Freedom Station project as “a unique recovery transition center and housing facility that provides injured warriors with the acclimation time, guidance and resources to successfully make the transition from military service to civilian life.”

The property, located at 4058-74 Hamilton St. north of University Avenue, was originally constructed in 1952. It consists of 12 one-bedroom cottage-style units and 10 single-car garages.

“The marketing process generated seven offers and the property sold above the list price in original condition with below-market rents,” Sierpina said.

He added that the asset had set a record price per unit in the community for a building of five units or more left in its original condition.

Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.



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