San Diego Business Journal

La Jolla Apartments Sell for $8.95M

Tuesday, January 29, 2013

Private investors based in La Jolla have purchased the 17-unit In Eden apartment complex in La Jolla for approximately $8.95 million, according to CoStar Group. The seller was Eden Suites LLC of Los Angeles.

The complex, built in 1954, is located at 600-616 Prospect St., with a total of 12,442 square feet. Broker DP Properties represented the buyer, and Marcus & Millichap represented the seller.

According to a statement from Marcus & Millichap, the price paid was a San Diego County apartment record in per-unit terms — at $526,471 — and also per square foot, at just over $719.

The apartments, with ocean views, are adjacent to the Museum of Contemporary Art and across the street from La Jolla Recreation Center. The brokerage firm fielded offers from seven bidders approximately three weeks after the property was listed for sale, the statement said.

— SDBJ Staff Report