Mills Trust has purchased a 16-unit coastline community in Ocean Beach, Calif., for $6.8 million. Pacific Coast Commercial Director Mack Langston and Jan Sachs, associate broker, acted on behalf of the seller, William R. Mundt Trust.
Kidder Mathews Senior Vice President & Partner Merrick Matricardi, Executive Vice President & Partner Jim Neil and Executive Vice President & Partner Eric Comer, as well as ACRE Senior Director Dylan Wright and Senior Associate Chris Saver, represented the buyer. The same Kidder Mathews team arranged the $7.7 million sale of a 24-unit community in the same metro, earlier in May.
Located at 5101-5107 Narragansett Ave. in San Diego, the three-story property features a mix of studios, one-, two- and three-bedroom units. According to San Diego Business Journal, the 12,141-square-foot property includes apartments that range between 484 and 1,527 square feet. The 1973-built property provides easy access to Nimitz, Chatsworh, Catalina and Sunset Cliffs boulevards. Several retail and dining options, including Ocean Beach Farmers Market, OB Noodle House Bar 1502, Pizza Port Ocean Beach and Wonderland Ocean Pub, are also nearby.
“It is uncommon for an oceanfront property to become available on the market,” said Matricardi, in prepared remarks. “This is only the fourth oceanfront apartment building over ten units to sell in San Diego County in the last 20 years.”
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