LA MESA, Calif., March 5, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Serena Vista, a 110-unit multifamily asset in the San Diego submarket of La Mesa, California. The property sold for $34.45 million, which equates to $313,181 per unit.
“Built in 1971, the property has a central La Mesa location near transit, a preferred unit mix, and excellent parking,” said Christopher Zorbas, IPA senior managing director. Zorbas and Alexander Garcia, Jr., IPA senior managing director, represented the seller, 5810 Amaya LLC, an affiliate of Cirrus Asset Management Inc. and procured the buyer, Universe Holdings. “Serena Vista has had significant interior and exterior upgrades; however, the opportunity exists to make additional enhancements to current and previously renovated units and to expand and improve common area amenities,” added Garcia.
The apartment community is on Amaya Drive in La Mesa just off Interstate 8 and State Route 125. The location gives residents easy access to major employment centers via Interstate 8 and the Amaya Drive Trolley Center, which is just four blocks from Serena Vista. Employers nearby include Sharp Grossmont Hospital, the largest healthcare facility in East San Diego County, and Grossmont College. The Mission Valley employment corridor, which includes major employers like the San Diego Union-Tribune, Booz Allen Hamilton, Kaiser Permanente, and Aetna Health is 10 minutes away. The Grossmont Center, a 1.2 million-square-foot regional shopping mall is within two miles. Situated on 5.1 acres, the property has three floor plan options, a pool and sun deck, two laundry facilities and private, fenced backyards.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.