Northmarq announces $1.095 million sale of property planned for 38-unit apartment community in San Diego, CA
SAN DIEGO (April 12, 2024) — Erik Anderson, senior vice president and Tosh Everett, associate, of Multifamily Investment Sales in Northmarq’s San Diego office, have completed the sale of 2435 Imperial Avenue, a plot of land in Logan Heights with plans for a 38-unit multifamily community. The property is situated on a 7,013-sq.-ft. lot, and the building will include four stories and 22,779 sq. ft. The project was sold both fully entitled and permitted.
Northmarq represented the seller, Imperial 35 LLC. The buyer was Kire Builders, a developer focused on building naturally occurring affordable housing.
“The sale of this site was significant as once the project is completed, it will stand out as one of the newest and largest developments for the Logan Heights area that utilizes the new Complete Communities zoning,” said Anderson.
Located in the Logan Heights submarket of San Diego, the property will help address the high demand for housing in the area. Residents of the apartment community will enjoy convenient access to retail and various transit options.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
