The Tide Turns in Historically Conservative La Jolla
- Aug 26, 2015
By Alex Girda, Associate Editor
A rare deal was completed in La Jolla as Zwack Trust recently sold a multifamily asset for a reported $8.55 million. The transaction was arranged by Colliers International representatives Peter Scepanovic, Corey McHenry and Vitcor Krebs. The buyer was LJ Tides LLC.
Known as The Tides Apartments, the property is located at 7431 La Jolla Blvd. The 30-unit asset comprises eighteen studio units and twelve one-bedroom/one-bathroom units. Built in 1968, the three-story community is near the submarket’s well-known Marine Street and Windansea beaches. Some apartments offer patios or balconies that have views to the ocean.
The individuality of the deal in question is the fact that it even happened. According to Peter Scepanovic, a senior vice president at Colliers International, “multifamily properties rarely trade in La Jolla, and this is a premier value-add opportunity in one of Southern California’s strongest multifamily submarkets.” The Tides Apartments is a great example of the submarket’s character. The property has been under the ownership of the same family for almost five decades.
Under the new owner, the community will go through an extensive renovation and repositioning process.