Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,500,000 / $204.68 Per Land SF sale of 2888 - 2894 University Avenue, a development deal located in San Diego, California. ABI Multifamily's Edwin Madera, Daniel Moreno, and Eric Turner represented the seller in this transaction.
2888 - 2894 University Avenue is a development opportunity with a density bonus situated on a 17,037 SF / 0.39-acre lot, zoned for commercial use C-6. The site is also near major transportation thoroughfares such as the I-5, I-8, I-15, I-805 freeways in addition to the SR-94 and SR-163 freeways, providing an urban lifestyle for renters. North Park has recently become the spotlight for many developers due to San Diego’s Complete Communities Program; providing ability to construct luxury micro apartment units. This program also ensures that North Park is getting its share of affordable housing projects.
The property is in a very well-located market of North Park, just steps from the North Park Observatory on the northwest corner of University Avenue and 30th Street, making the location an incredibly desirable area for development in San Diego. North Park’s lively and central location offers an abundance of options for activities, dining, and cultural attractions, all easily accessible by foot, bike, car, or public transportation. Many nearby attractions include Balboa Park, The San Diego Zoo, Balboa Park Golf Course, The San Diego Museum of Art, and the San Diego Natural History Museum. Significant area employers and economic drivers include: Sharp Healthcare, Qualcomm, Inc, Scripps Health, Kaiser Permanente, in addition to the US Naval Base in San Diego and the University of California, San Diego. Also, large employment centers such as Mission Valley and Downtown San Diego which are a commute of 15 minutes or less.
The buyer and seller are based in California.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento, and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.