News: Regional
Mark Covarrubias Aquires 51-Unit Le Chateau Apartments Mark Covarrubias with Cova Management, Inc. bought the Le Chateau Apartments from The Mar Group LLC for $4,852,558, or about $95,000 per unit. The 51-unit apartment building is located at 222 G Street in Chula Vista, CA The apartments are being run as a senior complex, featuring 40 onebedroom and 11 two-bedroom units with rents ranging from $800 to $960.

The property sold at a 7.09% CAP rate, with a 9.27% GRM. Mark Morgan at ACI Commercial represented the seller, while Seth Watje of South Coast Commercial, Inc. represented the buyer.
For more information on this transaction, refer to CoStar COMPS #2083211.

source – CoStar Group – Written by J. Brant (jbrant@costar.com)