Madison Manor Apartments sold in California

Property comprises 88 units

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Marcus & Millichap arranged the sale of the 88-unit Madison Manor Apartments in San Diego, Calif. The value of the transaction was $14.1 million. A Southern California-based private investor sold the property to a San Diego-based developer. Madison Manor Apartments, located at 3535 Madison Ave., comprises 63,400 rentable square feet. The property was originally constructed in 1969 on approximately 2 acres. The unit mix is comprised of 64 one-bedroom and 24 two-bedroom apartments, ranging in size from 640 to 935 square feet. Community amenities include a large recreation room, swimming pool and gated entries. Occupancy was 97 percent at the time of sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....