11/6/2008

Strategic Realty Capital acquires iconic apartment complex for $53 million

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Strategic Realty Capital of Los Angeles has purchased the 406-unit Baltimore Apartment Portfolio in La Mesa, Calif., for $53.35 million from the family trust of builders Morris and Barbara Steiman.

Steve Huffman, Chris Rogers and Dick Bassett of Phoenix-based Hendricks & Partners handled the transaction, which closed escrow on Oct. 31.

It is the first-ever sale of the complex, which is located at 5353, 5401, 5404 and 5445 Baltimore Dr. in the San Diego suburb of La Mesa. It was built in phases between 1973 and 1980 and is fully occupied.

Huffman said the sale demonstrates that the San Diego apartment market remains a solid investment opportunity - despite current challenges in the finance market - because of low vacancy rates and barriers to new construction.

Address: 5353, 5401, 5404 and 5445 Baltimore Dr., La Mesa, Calif.

Size: 406 units

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Filed Under: Multi-Family

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