San Diego – November 3, 2016 – CBRE Group Inc., announces the sale of The Quarry Apartment Homes, located at 4330 Palm Avenue, La Mesa, for $17 million. CBRE multifamily experts Kevin Mulhern and Rachel Parsons represented the seller, Silvergate Development, based out of San Diego and the buyer was an affiliate of John Jaffe Company LP.
The 60-unit luxury apartment community is made up of three, three story buildings and was built in May 2015. The property has 43,765 square feet of residential space and is situated on 1.59 acres. The Quarry features one and two bedroom floor plans with an average unit size of 717 square feet. The apartment features fully equipped kitchens with granite countertops, espresso cabinetry, and stainless GE appliance packages including electric ranges, microwaves, dishwashers and refrigerators. Select homes include kitchen islands or breakfast bars. All homes feature hard surface plank vinyl flooring, oversized windows/sliders, central air and full-sized stacked washers/dryers.
“La Mesa is regarded as the gateway to East County, just 11 miles from downtown San Diego and 15 minutes to the Pacific Ocean,” said Mrs. Parsons, vice president of CBRE in the San Diego region. “Approximately 80 percent of La Mesa’s rental stock was built in the 60’s and 70’s, and only 10 projects have been completed in the past 10 years. There is significant demand for newly development projects within La Mesa, and The Quarry’s location walkable to the historic Main Street and the trolley, along with its outstanding construction and design, make it an exceptional project.”
The common areas feature a barbecue area and photovoltaic solar panels, which are expected to cover most of the common area electric charges. Collier Park, located across the street, spans more than seven acres and includes lighted tennis courts, playgrounds, barbecue areas, picnic tables and large grassy lawns.
The Quarry is one-half mile from the downtown area of “La Mesa Boulevard,” lined with numerous restaurants, shops and bars. The property is located within walking distance of the Spring Street Trolley Stop, providing access to downtown San Diego via the orange line. Its’ proximity to major freeway artilleries of Interstate 5, Highway 94 and 125 allow immediate access to all of San Diego County’s attractions and employment.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
