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Retirement Housing Foundation Pays $10.1M for Pacific Beach Apts

Christ Lutheran Church Sells Low-Income Senior Apartments
January 5, 2018
Retirement Housing Foundation, a Long Beach-based charitable organization, acquired the 48-unit Luther View Senior Apartments housing complex in San Diego, CA from the Christ Evangelical Lutheran Church in Pacific Beach for $10.1 million, or about $211,000 per unit.

The 40-year-old multifamily property is located at 4820 Cass St. in Pacific Beach, just a few blocks from the ocean. The property totals 21,852 square feet.

The property was sold at a deep discount under the condition that the buyer continue to operate the property as a low-income rental community. This condition is spelled out in an agreement that the seller and buyer penned and filed with the County of San Diego.

Robert Vallera and Matthew Kennedy of Voit Real Estate Services represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4081467 for more information regarding this transaction.
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