NorthMarq’s Southern California-based investment sales team of Kyle Pinkalla and Shane Safer represented Shefflin Investments in its sale of a 151-unit active adult community in National City, California (San Diego MSA). Originally built in 1999, the three-story building features a mix of studio and one-bedroom units, plus one commercial site. Occupancy was 97% with rents ranging from $1,075 to $1,250 per month. Part of its appeal comes from the property’s location near both Scripps Mercy Hospital and Paradise Valley Hospital, in addition to shopping areas and entertainment.
Messrs. Pinkalla and Shafer arranged the property’s sale to Lincoln Avenue Capital, LLC, a leading investor in low-income housing complexes nationwide, for $22.1 million, or $146,000 per unit.
