Real Estate San Diego
6675 Linda Vista Rd. Photo credit: Courtesy of Marcus & Millichap. Photo credit: Screenshot, Google Street View

Orange County investors bought an apartment complex in Linda Vista for $15.37 million, according to a real estate agency.

The sale, which is breaking down to more than $357,000 a unit, marks the largest apartment transaction in the 92111 ZIP code this year, officials with Marcus & Millichap said. The zip code also covers Clairemont Mesa and Kearny Mesa.

The building has 43 apartments.

“This was a unique opportunity for the buyer to acquire apartments in an already in-demand submarket that continues to see growth, particularly due to proximity to the University of San Diego and Mission Valley,” said Ben Sierpina, senior partner in the firm’s downtown San Diego office. “The large number of units made the asset even more desirable.”

The buyer, Urbaneer Investment Partners, a Newport Beach limited liability company, was secured by Sierpina and Raymond Choi, Marcus & Millichap’s senior vice president for investments.

The seller, a family trust that has owned the apartments since their construction in 1972, was represented by Robert Weinberger of RJW Properties, Inc. The buyer plans to renovate the property to meet growing rental demand in Linda Vista.

Casa Linda Apartments, located at 6675 Linda Vista Road, has 11 two-bedroom/one-bath units, four two-bedroom/one-and-a-half-bath units, 27 one-bedroom, one-bath and a non-compliant workshop.

Amenities include a courtyard, swimming pool, on-site laundry facilities and 42 off-street parking spaces.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.