62-Unit Multifamily Community in La Mesa, CA Sells for $14,100,000
San Diego, Calif. (June 5, 2018) – Rimrock Apartments, located at 8420 Buckland Street in La Mesa, California, has sold for $14,100,000 to Joehnk LLC, a Wyoming-based closed limited liability company. The seller, Rimrock, LP and Partners LLC, a commercial real estate investment company, was represented by Kidder Mathews multifamily investment brokers, Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun, in the transaction.
Built in 1974, Rimrock Apartments is a well-maintained, garden-style community with 62 value-add apartment homes. The property has undergone renovations to the exterior and select interior units, but approximately 70 percent of the units are in the original condition.
Rimrock Apartments consists of 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans with community amenities including a pool, a spa and a shared laundry room. The property is located near numerous big-box retail, services and restaurants. Grossmont Transit Center which is served by the San Diego Trolley system is half a mile away.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.