JLL Capital Markets announced it has completed the sale of $ 8.5 million of a multi-unit portfolio of four properties totaling 28 units located throughout San Diego, California.
JLL represented the seller in the sale of the portfolio to two separate buyers. 4384 Mississippi St, LLC purchased the 4128 Texas St. property for $ 910,000 and Pace Properties purchased the other three properties for $ 7.575 million. JLL also worked for Pace Properties to secure acquisition financing in the amount of $ 7.5 million. All four properties provide a value-added opportunity for buyers.
3833 Front Street and 3837 1st The Ave. are located in the Hillcrest neighborhood. The 4456 and 4462 30e Apartments St. and 4128 Texas St. are located in the North Park submarket.
Located in San Diego’s premier sought-after city, the properties are close to the area’s largest employment hubs including Mission Valley (approximately 47,000 jobs), Downtown San Diego (84,000 jobs), Kearny Mesa ( 88,000 jobs) and UTC / Sorrento Mesa (76,000 jobs).
The region is also experiencing a boom in the tech industry, being known as a leading city for job growth in the tech industry. Plus, residents tout the San Diego lifestyle, work, and play, home to countless entertainment, dining, and retail options.
The JLL Capital Markets team representing the seller was led by Senior Director Kip Malo, Director Chris Collins and Managing Director Darcy Miramontes. The funding was led by Collins and analyst Jack Piegza.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides best-in-class solutions to clients, whether it is investment selling advice, debt placement, equity placement or recapitalization . The company has more than 3,700 financial market specialists around the world and offices in nearly 50 countries.