Real Estate
Rolando Apartments Sell For $7.88M; Sale Called Sign Of Multi-Family Market Strength
"This sale is another example of how tight supply and ample cash in the market continues to appreciate multi-family assets in San Diego."
October 22, 2021
A 25-unit apartment building in Rolando has sold for $7.88 million, according to a real estate brokerage.
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Villa Nova Apartments, 6245 Stanley Ave., dates back to 1958.
“This sale is another example of how tight supply and ample cash in the market continues to appreciate multi-family assets in San Diego,” said Aaron Bove, a senior vice president from Marcus & Millichap’s San Diego/Del Mar office, who represented the seller, Villa Nova LLC.
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The firm did not identify the buyer.
The building, with a mix of one- and two-bedroom units among four buildings, has undergone extensive renovations over several years. Amenities include an outdoor lounge with grills, courtyard seating and a swimming pool.
The units have bay windows, along with modern finishes such as quartz counter tops, shaker cabinets, dishwashers and vinyl plank flooring.
It’s the second block of buildings to change hands in the neighborhood in recent weeks. A 29-unit complex sold for $6.55 million last month.
Marcus & Millichap (NYSE: MMI) specializes in investment sales and financing, research and advisory services.
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