Rimrock LP and Partners LLC, a commercial real estate investment company, has sold Rimrock Apartments at 8420 Buckland Street in La Mesa, California, has sold for $14.1 million to Joehnk LLC, a Wyoming-based closed limited liability company. The seller, was represented by Kidder Mathews multifamily investment brokers Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun in the transaction.
Built in 1974, Rimrock Apartments is a garden-style community with 62 value-add apartment homes. It consists of 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans with community amenities including a pool, a spa, and a shared laundry room. The property is located near numerous big-box retail, services, and restaurants. Grossmont Transit Center, which is served by the San Diego Trolley system, is half a mile away.
The property has undergone renovations to the exterior and select interior units, but approximately 70 percent of the units are in the original condition.