Free Sacred Trinity Church Sells Off 30 Units for Nearly $9.1 Million
By Adrian Robles
CoStar ResearchJune 11, 2021 | 1:13 P.M.
Immobilier Funds, a San Diego-based institutional investor, acquired Casa Lane Townhomes at 7010-7014 Casa Lane in Lemon Grove, California, for $9.05 million, or about $302,000 per unit, from Free Sacred Trinity Church.
The sale represented the buyer’s upleg in a 1031 tax-deferred exchange, reinvesting proceeds from three smaller assets that Immobilier had sold in San Diego.
The 30-unit, 25,740-square-foot multifamily property is comprised entirely of two-story, two-bedroom townhomes that were recently renovated with modern kitchens, mini-split air conditioning units, dual pane windows and new roofing.
“Free Sacred Trinity Church engaged CBRE to advise on the conversion from corporate use into a market-rate multifamily asset,” CBRE’s John Newton said in a corporate statement announcing the sale. “It was the first time on the market. Working together, we implemented a defined strategy to maximize potential value and deliver a record setting price for the ownership.”
Newton, along with J. Kevin Mulhern at CBRE, represented the seller and were the sole brokers on the sale.
For more information on this transaction, see CoStar COMPS #5532207.