Marcus & Millichap closed the sale of Tavarua Luxury Apartments, a 12-unit apartment property located in the Talmadge neighborhood of San Diego. The asset at 4475 49th St. sold for $6,300,000.
“This property presented investors with the rare opportunity to acquire a luxury asset in a high barrier to entry market,” said Austin Ray Huffman, VP investments in Marcus & Millichap’s Del Mar office. “This sale price represents the highest price per door every paid for an apartment asset in Talmadge. The sellers spared no expense in upgrading the asset with luxury modern finishes and design.”
Huffman and Chris Zorbas, executive managing director investments in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of 4475 49th St LLC. Waypoint Partners oversaw the rehabilitation development on the asset.
The buyer, a California Limited Partnership and a Limited Liability Company as tenants in common, was procured by Ben Sierpina, senior associate, and Raymond Choi, senior vice president investments in the firm’s San Diego Downtown office.
