Immobilier Funds (Immobilier H Palms LLC) successfully closed the purchase on another bulk condominium purchase on July 11 at 4077 3rd Avenue in the Hillcrest area of San Diego for $3,690,000 (“Hillcrest Palms”) or $205,000 per unit.  All 18 units were converted from apartments to condominiums in 2006 and have a high level of finishes including new kitchens with granite with gated subterranean parking.  Of the 18 units, 14 are 1 bedroom, 1 bathroom and 4 are studio’s.  A total of 40 units were originally built in 1988.

Scott DeGoler, President of DEGO Inc, Managing Member of Immobilier H Palms LLC;

“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 PropertyADVANTAGE as the property manager.  The Hillcrest Palms project is an A+ location of Hillcrest with both major hospitals on each side.  We continue to pursue multifamily projects in San Diego County whether broken residential projects or apartments.”

THE OPPORTUNITY

  • Luxury condominium community constructed in 1988
  • Rare opportunity to purchase 18 (out of 40) upgraded condos in bulk
  • Excellent Hillcrest location – close to upscale dining and shopping, Scripps Mercy Hospital, UCSD Medical Center, major freeways, and San Diego beaches
  • High-end interior finishes – granite counters, custom cabinetry, stainless steel appliances, Italian tile floors, air conditioning & heating
  • Ample parking – gated, subterranean parking garage
  • Low maintenance and easy to manage / stable HOA in place

PROPERTY DESCRIPTION 

multifamily projects in San Diego CountyHillcrest Palms is an 18-unit condominium community located in the desirable rental market of Hillcrest. The owner is offering for sale 18 out of the 40 units, to be sold in bulk. This community is centrally located within close proximity to Mission Valley, downtown San Diego, Mission Bay, SDSU, Balboa Park, and is just a short 10-minute drive to San Diego’s world class beaches. Hillcrest is notably one of the top rental locations in all of San Diego County.

The property was built in 1988 and completely upgraded in 2006. Hillcrest Palms features high-end, condo-quality interior and exterior finishes, all within a gated, modern building. The 18 units being offered for sale are a mixture of four studios and 14 one-bedroom units. Hillcrest Palms is situated in one of the most desirable communities in all of San Diego and a new owner will be able to lease these units at a substantial premium, generating both a high and positive return on the investment, as well as the opportunity to sell the condos off individually at a later date.

 

UNIT AMENITIES 

  • multifamily projects in San Diego CountyStainless Steel Appliances
  • Italian Tile Floors
  • Designer Plush Carpeting Granite Counters
  • Air Conditioning & Heating
  • Private Patios/Balconies
  • Maple Wood Cabinetry

 

COMMON AREA AMENITIES 

  • Roodtop Deck
  • Indoor Central Courtyard with Water Wall
  • Gated Underground Parking – One Space per Condo
  • Intercom Entrance
  • Lush, Well-Maintained Landscaping
  • Excellent Hillcrest Location Close to Hospitals and Transportation

broken residential projects or apartmentsmultifamily projects in San Diego County