By Lila Seidman
San Diego Daily Transcript
Wed, Aug 16, 2017
The 50-unit Patio Village apartment community located at 8501-8549 Glenhaven Street in San Diego has sold for $11.35 million.
The seller was Patio Village/Grossmont LLC, which is co-managed by the Sinatra Company of Buffalo New York and Next Space Development Inc., a San Diego development, construction and management company specializing in existing multifamily and ground-up residential projects. The buyer was Mar Group, a local San Diego income property investor specializing in multifamily properties and NNN investments. The property has a unit mix of 40 two-bedroom, one-bath apartments with average rents of $1600; five one-bedroom, one-bath apartments with average rents of $135; and five studios with average rents of $1100.
Next Space Development is co-managed by Rudy Medina and Richard Simis, both native San Diegans.
Simis oversaw a $1.2 million dollar renovation of the project, while Medina repositioned the property in the market. According to a news release, the renovation allowed them to raise rents.
Next Space Development has aligned with Siemienowski and Associates, known as S&A, a San Diego-based commercial real estate brokerage that serves investors in San Diego and Orange County. Todd Egan, a senior associate at S&A, was the selling agent for the transaction.
Juan-Pablo Mariscal, founder and president of the Mar Group, saw a good fit for his multifamily portfolio as a long-term holder of the apartment property, according to Egan.