College Grove M-F Deal Points to Community Renewal
- Jun 22, 2015
In 1986, College Grove was one of the city’s main areas of interest for redevelopment and renewal, with the now-defunct Redevelopment Agency focusing on the College Grove Shopping Center area. Three decades later, the area is undergoing accelerated gentrification, spurring investment and interest in properties near the retail center.
Colliers International’s San Diego Multifamily Advisory Group recently arranged the transaction of a 98-unit multi-family asset at 3635-75 College Avenue. In a $9.7 million deal, 3635 College Ave. L.L.C. acquired the property from the William R. Mundt Trust. According to Colliers, the new owner will rebrand the property and carry out major interior and exterior upgrades.
Known as Park Grove Apartments, the community is located on a 70,000-square-foot site and offers good access to nearby I-94. San Diego State University is two miles from the property.
The 58,814-square-foot property was built more than a half-century ago and comprises six two-story buildings. The unit mix at Park Grove Apartments features 45 two-bedroom apartments and 53 one-bedroom units.