An 18-unit apartment building in North Park, nearly 60 years old, has been sold for $8.07 million, according to local real estate brokers.
Ben Sierpina, senior associate, and Raymond Choi, senior vice president investments, both in Marcus & Millichap’s San Diego downtown office, represented the seller, an individual/personal trust.
The buyer, a group of investors led by David Hamilton, was also procured by Sierpina and Choi. This is the first time the property has been on the market in more than 15 years.
Redwood Terrace, located at 3112 30th St., was built in 1964. The unit mix consists of four two-bedroom/two-bath units, six two-bedroom/one-bath units and eight one-bedroom/one-bath units.
The property has been extensively renovated and features significant upside in rents, according to the brokerage. Amenities include a large courtyard, gated access, on-site laundry and 20 off-street parking spaces.
Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.