San Diego, CA: North Park Apartment Complex Sold by Apartment Realty Group (ARG)
Online, February 1, 2012 (Newswire.com) - SAN DIEGO, CALIFORNIA - The 3,373sf apartment complex located at 4342 Iowa Street San Diego, CA 92104 has been sold for $575,000. The subject property is located on a 6,996 sf lot consisting of three (3) single-level detached units and two (2) units located in the rear building above the four (4) garages. The unit mix consists of one (1) 2 bedroom/1 bathroom unit and four (4) 1 bedroom/1 bathroom units, all with hardwood floors. James V. Carter, Senior Managing Director of Apartment Realty Group (ARG) negotiated the transaction.
According to James V. Carter: "We were able to secure multiple offers and close escrow with a local San Diego apartment investor who currently owns apartment assets in the neighborhood. There will be substantial upside in rental income for the new buyer by increasing the rents along with making minor upgrades to the property. The buyer was able to immediately get over 100 bps of positive leverage by securing an extremely competitive 10-year fixed loan by a local San Diego Credit Union."
For more information, please contact James V. Carter at (619) 222-9501, JCarter@ARG1031.com
Apartment Realty Group (ARG) is strategically focused on multi-family investments and has a proven track-record of value-added brokerage services. ARG has been able to provide sellers with specialized strategies to maximize property values by creating competition for each marketing assignment as well as providing buyers and 1031 exchange clients with sound investment options which are not generally available in the marketplace. Visit us online at: http://www.ApartmentRealtyGroup.com and/or http://www.ARGSanDiego.com
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