A 26-unit multifamily property designated for seniors in North Park has been sold for $5.56 million.
Senior Housing Resources, LLC. sold the property, according to their representative, Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm. Bel Vue Terrace Properties, LLC purchased the site.
Orchid Apartments, 4024 32nd St., has eight two-bedroom, one-bath units, 17 one-bedroom, one-bath units and one studio. The site has 12 off-street parking spaces and one loading space, disabled street parking, a clubroom and a communal laundry room.
Carson Trujillo, vice president for investments in Marcus & Millichap’s downtown San Diego office, and Jeff Gould with Lineage Asset Advisors, represented the seller.
Trujillo and Cole Silverman, an investment specialist for Marcus & Millichap, brought in the buyer.
A conditional use permit for the senior housing project states one resident from each unit must be age 55 or over to live in the complex.