Property sold for over $1,000 per square foot
San Diego, Calif. – January 7, 2021 – Colliers today announced the sale of Sandpiper Apartments, a completely renovated 16-unit multifamily property located at 715 Cohasset Court, San Diego, CA 92109. Positioned 100 steps to the boardwalk and directly adjacent to the affluent South Mission Beach, the asset was fully stabilized, 100 percent leased before disposition, and sold for over $1,000 per square foot. Colliers' Executive Vice President, Peter Scepanovic, and Senior Vice President, Corey McHenry, represented the seller in the transaction.
"Sandpiper Apartments delivered a rarely offered long-term asset," said Scepanovic. This highly desirable property and location attract upscale residents with substantial income and strong credit ratings. With the influx of high-paying tech and biotech companies continue to enter the region, San Diego's multifamily investment market remains firm."
Interior property upgrades featured quartz countertops in kitchens and baths, white shaker cabinets in kitchen and baths, luxury vinyl plank flooring throughout, in-unit stackable washer/dryers, upscale front doors with key-less entries, modern paint, baseboards, and molding. Exterior renovations included a new roof, vinyl windows, stucco patch repair, fresh paint, landscaping, code security gates, and a BBQ/lounge area. The property also features a rooftop deck with 360 views of the Pacific Ocean and Sail Bay.
Media Contact:
Leanne Daly
leanne.daly@colliers.com
760-930-7941
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
