Quinta Irma, an eight-unit apartment complex in University Heights has been sold for $2.7 million.
“The sale of Qunita Irma highlights strong investor demand for rental housing, even when the property requires significant maintenance and is half vacant,” said Connor Stolle, a senior associate in Marcus & Millichap’s San Diego Downtown office.
Stolle and Carson Trujillo, the firm’s first vice president, investments , represented the seller, an individual/personal trust. The buyers, private local investors, also were procured by Stolle and Trujillo.
The property, 4549 North Ave., includes six two-bedroom/one-bath units and two one-bedroom/one-bath units. It is equipped with five single car garages and an oversized shared laundry room. Constructed in 1958, the building rests on a 7,000-square-foot lot and offers 5,831 rentable square feet.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.