San Diego – August 16, 2016 – CBRE Group Inc., announces the sale of Waring Gardens Apartment Homes, located at, 5320-5340 Adobe Falls Road, in San Diego for $7.45 million.
CBRE multifamily experts Eric Comer, Jim Neil, and Merrick Matricardi represented the seller Waring Gardens LP., who is based out of San Diego. The buyer, East Eight LLC was represented by Debbie Wong from Performa Property Management.
“This is a solid investment because the property is well maintained and conveniently located off Interstate 8,” said Eric Comer, senior vice president of CBRE in the San Diego region. “Furthermore the apartment interiors are mostly in original condition allowing the investor to add value with renovations to increase rents.”
The 36-unit apartment complex is located in the neighborhood of Grantville and was built in 1980. The complex consists of three, two-story buildings. The buildings total 29,600 square feet and features one and two bedroom floor plans, with an average unit size of 822 square feet. All units include air conditioning, carpeted floors and walk-in closets. The community amenities include a swimming pool, spa, picnic area with barbecue, common laundry room and limited tucked-under garage parking.
Waring Gardens is minutes from San Diego State University. Located off the Interstate 8 and within a five minute drive to Mission Valley, which offers abundant shopping, employment, entertainment, public transportation and more. It is also in proximity to Qualcomm Stadium, Mission Trails Regional Park and Lake Murray.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
