PRIVATE TRUST SNAPS UP 52-UNIT NATIONAL CITY APARTMENTS
January 21, 2025
Marcus & Millichap recently completed the sale of a 52-unit apartment property located at 940 Palm Ave. in National City. The sale price was $15,000,000.
“National City is experiencing a significant surg in multifamily sale activity, thanks to its strategic location within the Greater San Diego area and its relative affordability compared to neighboring cities,” said Aaron Bove, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office. “This has resulted in strong rental demand supported by a diverse population and a steady influx of residents seeking proximity to employment hubs, educational institutions and urban amenities.”
Bove marketed the property on behalf of the seller, Admiralty Apartments LLC. The buyer, a private trust, was also procured by Bove.
“By generating 10 offers, we were able to create an environment that allowed the seller to adjust their priorities within the marketing process without sacrificing price or terms,” Bove added.