Torrey Springs Apartments Sold
Torrey Springs Apartments, a 320-unit apartment, which sits on 9.14 acres and is located at 2200 N. Torrey Pines Dr. sold last month for $27.74 million, or $86,300 per unit. The complex built in the late 1980s was owned by Stan Goldfarb of Toronto. The buyer is Prime Property Capital of San Francisco.
The transaction was not without issues as it was discovered during due diligence that 25% of the units were unoccupied and uninhabitable due to broken water pipes. The buyer was able to negotiate a reduced price after learning how much would be needed to rehab the property.
The new owners plan to install new water pipes in all the buildings to prevent future problems. The rehab is being done one building at a time with the entire process expected to take about one year.