$26 Million San Diego County Multifamily Asset Sold by IPA
Oct 05, 2016

SPRING VALLEY, Calif., Oct. 5, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Oakbrook Ridge, a 128-unit multifamily community in Spring Valley, California. The $26 million sales price equates to $203,125 per unit.

“Located within a supply constrained submarket less than 30 minutes from many of the major employment hubs in San Diego County, Oakbrook Ridge presents new ownership with an exceptional value-add opportunity to be gained through the continuation of the interior unit renovation program and the implementation of common area and amenity improvements,” says Christopher Zorbas, IPA senior director.

Zorbas, along with Stewart I. Weston, IPA executive director, Alexander Garcia, Jr., IPA senior director, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, and procured the buyer, a joint venture between Stratford Partners and LLJ Ventures.

Built in 1985, Oakbrook Ridge is composed of eight two-story residential buildings. The well-designed apartments average 795 square feet and feature one-, two- and three-bedroom floor plans. The property is located at 8517 Paradise Valley Road on a seven-plus-acre hillside lot with panoramic views of 960-acre Sweetwater Reservoir. California state routes 125, 54 and 94 provide access to employment centers in downtown San Diego, Chula Vista, Mission Valley, La Mesa and El Cajon.