18 Condo Units Sold for $3.7M
Adams LaSalle Realty Sells Portion of Hillcrest Palms
By Adrian Robles
August 27, 2013
Directeur LLC and Immobilier Funds has acquired 18 units at the Hillcrest Palms, located at 4077 3rd Ave. in San Diego, CA from Adams LaSalle Realty as a bulk portfolio for $3.69 million, or about $361 per square foot.
All 18 units were occupied at the time of sale and were sold as-is. The portion that sold totals 10,230 square feet in the four-story, 25,450-square-foot multifamily building. The property was built in 1988 on four-tenths of an acre in the Uptown West / Park West submarket.
Scott DeGoler, managing member of Immobilier Funds said, “We are very pleased to add to our portfolio another bulk condominium purchase. All of the units are rented and we intend to run them as rentals with Property ADVANTAGE as the property manager. The Hillcrest Palms project is an A+ location of Hillcrest.”
Steve Huffman of Hendricks Berkadia represented the seller and the buyer in the sale.
Please refer to CoStar COMPS #2795475 for additional information on this transaction.