ACRE Investment Real Estate Services is pleased to present the University Place Apartments (the “Property”), an attractive rental community that presents real estate investors the opportunity to acquire a well-located, value add opportunity in La Mesa, California. The property is being offered free of debt encumbrances.
The Property benefits from a desirable and convenient location just south of Interstate 8 and north of the 94 Freeway near downtown La Mesa Village. The property is situated on University Avenue, a well-traveled corridor connecting La Mesa to the Mid-City markets.
University Place Apartments consists of a garden setting situated on approximately 23,979 square feet. Originally built in 1947, the asset provides investors the opportunity to improve the rental income through exterior and interior capital improvements. The complex consists of 15 apartment homes with a total of 9,648 rentable square feet spread out into three residential buildings of two stories each. The Property’s well-designed plans include nine (9) one-bedroom/one-bath units and six (6) two-bedroom/one-bath The Property provides an array of amenities including laundry facilities, patios/balconies, 13-garages and off-street parking, and storage.
The University Place Apartments provides an opportunity to acquire a mid-sized multifamily asset in one of the highest demand rental submarkets in San Diego County. The new owner will enjoy the security of having the property situated near comparable apartment communities, local shopping, and restaurants, as well as having easy access to Interstate 8 and the 94 Freeway. With immediate upside in rental income, this offering is perfect for the long-term investor seeking a pride of ownership asset with a strong current and future cash flow.
*Please note: There is a possibility for Seller Carry-Back Financing.