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| San Diego State University Area Properties Sold for $5.45 MillionThe portfolio of properties included eight single-family homes, each with four to six bedrooms and housing four to six individual tenants. Income Property Advisors, a leading area property manager as well as a brokerage firm, had managed these properties for five years prior to their sale. The individual properties that comprised the portfolio and their selling prices were: Property Address Selling Price 5060 Rockford Drive $685,000 5602 Dorothy Drive $685,000 5615 Dorothy Way $685,000 5045 College Avenue $685,000 5054 Rockford Drive $685,000 5120 63rd Street $685,000 6134 Mary Lane $685,000 5222 La Dorna Street $655,000 According to MacGuire, the sale was complicated by the fact that the properties were bundled into a single portfolio, and many potential buyers were unable to qualify for financing for this large a sale. "There are portfolio loans out there, but usually the rates are not as good as for existing single-family residential financing that's available in capital markets," said MacGuire. "That made this a challenging project because we had to find a single buyer that could qualify for the eight-property purchase." The timing of the sale was also difficult, because it occurred simultaneously with the vetting and leasing process for incoming fall students. For the tenanting process to succeed—and all rooms occupied by fall—buyer and seller had to work together closely to select the best tenants and execute their leases in a timely fashion. The last hurdle concerned the seller's directive to exchange the portfolio into other properties that met their debt and equity requirements. Income Property Advisors conducted a full-scale research effort to identify and research suitable properties. These ended up being out-of-state apartment buildings: a 150-unit building in a sub-market of Nashville and a 241-unit property in Macon, GA. About Income Property Advisors Income Property Advisors, based in San Diego, CA, is a boutique full-service real estate firm offering property management, brokerage, investment advisory and construction management services. We specialize in managing, investing and repositioning cash-flow-oriented residential and multi-family properties for our clients. Other areas of expertise include: achieving optimal market rents and stabilizing tenant occupancy by creating effective operating budgets and marketing plans; identifying value-add opportunities for investors; supporting clients in the acquisition and underwriting process; and managing construction projects. Led by Principal Robert MacGuire, Income Property Advisors is devoted to our mission of helping owners and investors of income properties maximize their profits and protect their investments. Eight properties near San Diego State University were sold as a single portfolio for $5.45 million on April 26, 2019. The selling broker was Robert MacGuire, principal of Income Property Advisors, Inc. The buying broker was Joel Berman, principal broker at Virtuosic Properties, Inc. The sale is one of the largest portfolio sales of college area properties recorded in San Diego. The portfolio of properties included eight single-family homes, each with four to six bedrooms and housing four to six individual tenants. Income Property Advisors, a leading area property manager as well as a brokerage firm, had managed these properties for five years prior to their sale. The individual properties that comprised the portfolio and their selling prices were: Property Address Selling Price 5060 Rockford Drive $685,000 5602 Dorothy Drive $685,000 5615 Dorothy Way $685,000 5045 College Avenue $685,000 5054 Rockford Drive $685,000 5120 63rd Street $685,000 6134 Mary Lane $685,000 5222 La Dorna Street $655,000 According to MacGuire, the sale was complicated by the fact that the properties were bundled into a single portfolio, and many potential buyers were unable to qualify for financing for this large a sale. "There are portfolio loans out there, but usually the rates are not as good as for existing single-family residential financing that's available in capital markets," said MacGuire. "That made this a challenging project because we had to find a single buyer that could qualify for the eight-property purchase." The timing of the sale was also difficult, because it occurred simultaneously with the vetting and leasing process for incoming fall students. For the tenanting process to succeed—and all rooms occupied by fall—buyer and seller had to work together closely to select the best tenants and execute their leases in a timely fashion. The last hurdle concerned the seller's directive to exchange the portfolio into other properties that met their debt and equity requirements. Income Property Advisors conducted a full-scale research effort to identify and research suitable properties. These ended up being out-of-state apartment buildings: a 150-unit building in a sub-market of Nashville and a 241-unit property in Macon, GA. About Income Property Advisors Income Property Advisors, based in San Diego, CA, is a boutique full-service real estate firm offering property management, brokerage, investment advisory and construction management services. We specialize in managing, investing and repositioning cash-flow-oriented residential and multi-family properties for our clients. Other areas of expertise include: achieving optimal market rents and stabilizing tenant occupancy by creating effective operating budgets and marketing plans; identifying value-add opportunities for investors; supporting clients in the acquisition and underwriting process; and managing construction projects. Led by Principal Robert MacGuire, Income Property Advisors is devoted to our mission of helping owners and investors of income properties maximize their profits and protect their investments. Visit us at http://www.ipasd.com/ End
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