Marcus & Millichap closed the sale of Del Island Affordable Apartments, a 29-unit multifamily property located at 308 Orange Ave. in Coronado. The sale price was $9,615,000.
“Del Island represented a unique challenge in today’s regulatory and market environment,” said Aaron Bove, SVP investments in Marcus & Millichap’s San Diego Del Mar office. “Affordable housing transactions are some of the most nuanced in the multifamily space. This was one of the more challenging deals we’ve closed, not due to a lack of interest, but because of the legal, political and development complexities tied to the expiring covenant and the recent passage of AB 1218.”
Bove and Jared Wallach, associate in the San Diego Del Mar office, marketed the property on behalf of Motel Del Island. Scott Darnell of Darnell Capital Management procured the buyer, 308 Orange, LLC. The 28,198-square-foot site is located within the R-4 zoning of the Orange Avenue Corridor Specific Plan.
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