In Eden -- a 17-unit, coastal apartment property at 600-616 Prospect St. in La Jolla 92037 -- has been sold for $8.95 million.
The buyers were Tofigh Khodapanah and Maryam Afzali, 15115 El Paso Real, La Jolla 92037. The acquisition was financed with a loan of $4.25 million from Luther Burbank Savings. Chad O'Connor, vice president for Marcus & Millichap Capital Corp (MMCC) secured the financing.
The seller of the property (assessor's parcel 350-171-01 and 02) was In Eden Properties LLC, successor by name change to In Eden Suites LLC. Macella M. Katz is the manager of In Eden.
Aaron Bove and Ben Tashakorian, vice presidents in Marcus & Millichap's San Diego office, had the exclusive listing to market the property for the seller. Dave Plutner, of DP Properties, represented the buyer. The property sales price is a record in price per unit and price per square feet for an apartment property in San Diego County, according to John Vorsheck, regional manager of Marcus & Millichap’s San Diego office.
“Within three weeks of listing the property we obtained over seven offers through aggressive, collaborative marketing and then created a bidding atmosphere to achieve the record price,” Bove said.
The apartment totals approximately 12,442 square feet and occupies a nearly one-third acre corner lot.