Investors Sell 28 Units
CoStar Group –
Directeur LLC and Immobilier Funds acquired the Illinois Street Apartments at 4111 Illinois St. in San Diego, CA for $7 million, or about $250,000 per unit.
The apartment building consists of seven one-bedroom and 21 two-bedroom units, and was 100 percent occupied at the time of sale.
Located in the North Park submarket, the 27,113-square-foot multifamily building was constructed in 1965 and fully renovated and remodeled in 2005. Recent upgrades include new windows, granite countertops, stainless steel appliances, stone tile flooring and other high-end improvements.
Dave Andrews of Hendricks Berkadia represented the buyer. The sellers handled the deal in-house.
For more information on this transaction, see CoStar COMPS #2886626.