La Mesa Apartments With Renovated Units Sold To Personal Trust For $4M

By Editor, Times of San Diego

August 22, 2022

A 12-unit apartment building on Date Avenue in La Mesa has been sold for $4.05 million, according to a real estate firm.

Aaron Bove, the senior managing director in the San Diego and Del Mar office of Marcus & Millichap, and Frank McLin, of Heartland Real Estate, represented the seller, a limited liability company.

Vice Presidents Jeff Diller and Abe Peay of South Coast Commercial represented the buyer, a personal trust.

“Even in today’s market with higher interest rates, multifamily properties are still in high demand,” Bove said, adding that 12 offers came in on the property, which closed $500,000 over the list price.

The building, at 4590 Date Ave., has 11 2-bedroom units and one 1-bedroom, all built around a central courtyard offering shaded dining and a barbecue. Eight units have been remodeled.

This corner lot has a concrete pad with 12 parking spaces to the rear of the complex and is located near La Mesa Village.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.

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