San Diego, Calif. (May 29, 2018) - An apartment building on the coastline in Ocean Beach has sold for $6,750,000. The buyer, Mills Trust, was represented by Kidder Mathews multifamily investment brokers, Merrick Matricardi, Jim Neil and Eric Comer, as well as Dylan Wright and Chris Saver of ACRE. The seller, William R. Mundt Trust, was represented by Mack Langston and Jan Sachs of Pacific Coast Commercial.
The apartment building, located at 5101-5107 Narragansett Avenue in San Diego, California, was built in 1973. It is a three-story building consisting of 16 units made up of studios, one, two and three bedroom floor plans.
"We received over a dozen offers for this one of a kind waterfront property with panoramic views of the Pacific Ocean," said Langston.
"It is uncommon for an oceanfront property to become available on the market," said Matricardi. "This is only the fourth oceanfront apartment building over ten units to sell in San Diego County in the last 20 years," he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.