Villa Cusma | Courtesy Marcus & Millichap

Little Italy Apts. Fetch $21M

Carrie Rossenfeld Multifamily

1907 Columbia St. LLC has sold Villa Cusma, a 40-unit luxury apartment complex with one retail space at 1907 Columbia Street in San Diego’s Little Italy neighborhood, to local buyer Mark Gosselin of Property West Residential (as general partner of the partnership LUXO ll Apartment Homes LP) for $21.276 million or $518,927 per unit. The sale was an all-cash transaction.

Raymond Choi, first VP investments in Marcus & Millichap’s (M&M’s) San Diego office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

Inspired by Sicilian architecture, Villa Cusma was constructed in 2012. The building’s 2,475-square-foot ground floor retail space, currently occupied by sushi and ramen restaurant Harumama, is on the corner of Columbia and Fir streets.

The unit mix is 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit, and 15 two-bedroom/two-bath apartments. Select units feature floor-to-ceiling windows and views of the San Diego Bayfront and Downtown San Diego. The building has been well maintained, according to M&M, and includes a gated subterranean parking garage.