New Little Italy Apartments Flip for Big Price
A freshly delivered apartment complex in Little Italy has flipped to a family trust for more than $500k/unit.
An entity called Newkirk Family Trust II purchased Ten on Columbia, a three-story, 10-unit apartment complex at 2104 Columbia St for $5.55M, or $555k/unit, from an entity titled BAIA Vista. The project is a development of San Diego-based InDev, which debuted across the street with the small apartment project Kapela. It's a steep price, even from sought-after Downtown San Diego multifamily, where the average selling price has been $161k/unit, according to research from Apartment Realty Group.
Colliers International's Peter Scepanovic and Corey McHenry (here) brokered the transaction, as well as the only other apartment trade in Little Italy this year: the sale of the 18-unit 1941 Columbia Ave, which traded for $6.2M, as we previously reported here. Peter says given its location—just four blocks from San Diego Bay—the seller was “able to achieve a premium selling price.”
