Garden-Style Multi Trades in San Diego’s North Park Submarket

Northmarq completed the sale of a nine-unit garden-style multifamily property in North San Diego for $3.15 million. Erik Anderson and Benn Vogelsang, both SVPs with Northmarq’s San Diego multifamily investment team, represented the buyer, RP Vintage Meade Holdings, LLC. The seller, The Ferreira Trust, was represented by Bob Rodrigues of Real Properties Group Real Estate Inc.

“This sale presented an opportunity for the buyers to obtain a building of newer vintage, in a prime walkable location, with a superior unit mix at a cost basis well below the comparable sales and replacement cost,” said Anderson. “It will be a fantastic long-term investment for their group and marks the first acquisition for their new venture.”

The property was built in 1987 and is located at 3104 Meade Ave. in the North Park submarket, which is home to both the San Diego Zoo and a variety of nightlife spots.