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1031 Exchange buyer purchases Golden Hill value-add apartments for $5.34M
The 22-unit property at 3013 C St. was built in 1985 and the buyer plans upside via below-market rents and interior renovations.
Whitewater Commercial Real Estate arranged the sale of 3013 C St., a value-add multifamily property in San Diego’s Golden Hill neighborhood, to an entity tied to a 1031 exchange strategy, according to ConnectCRE.
The complex sold for $5,337,276. Whitewater represented the seller, Stephanie Ranum, and the buyer was Pfeiffer Properties, LLC.
ConnectCRE said the 22-unit building, constructed in 1985, includes a mix of one- and two-bedroom apartments, 33 secure ground-level gated parking spaces, and onsite laundry.
The brokerage described Golden Hill as an urban rental market supported by its central location and strong renter demand, and it said the deal offers additional upside through below-market in-place rents and strategic interior renovations.