Trust Sells 16-Unit Residence For $6.15M, A Per-Unit Record For Imperial Beach

By Editor, Times of San Diego

November 19, 2021

An Imperial Beach residential building has been sold for $6.15 million, at a record price per-unit for the community.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, said a trust sold Cypress Townhouses, a 16-unit property on Cypress Avenue.

Carson Trujillo and Connor Stolle, multifamily investment specialists in Marcus & Millichap’s Downtown San Diego office, represented the seller, the 2000 Dale Wayne Pruitt and Ellen Joy Pruitt Revocable Trust.

The duo also represented the all-cash buyer, an unnamed personal trust. According to Trujillo, this property sold for $425,000 over the list price while setting the record for highest price per-unit sale in IB.

The renovated complex, south of the Otay River and San Diego Bay, includes 16 two-bedroom/1.5-bathroom townhomes. Exterior features include gated underground parking, recently upgraded windows and paint, a pitched roof that was replaced in 2017, and private outdoor balconies and patios.

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