12-unit Multi-Family Project in Opportunity Zone Sells for $3.4 million, CAA Announces
SAN DIEGO, Calif. (April 7, 2022) — A 12-unit residential project in the Encanto area of San Diego sold for $3.4 million on March 28, 2022, Commercial Asset Advisors announced.
The project is located at 5406-5418 Imperial Ave., San Diego, CA 92114.
Constructed in 1973, the project consists of three adjacent properties of four units each. Located near Lincoln High School, the three parcels each have a strong unit mix of one-bedroom, two-bedroom and three-bedroom apartments. Each apartment ranges from 600 to 1,000 square feet and includes a separate storage unit. The three parcels total 11,878 square feet of land and offer a combined 33 parking spaces.
Matt Monterroso of CAA represented the buyer, the Charles Pick and Susan E. Pick Revocable Trust. Through CAA’s comprehensive search and evaluation process, Monterroso identified the property as a qualified Opportunity Zone site and successfully guided the buyer through a tax-advantaged 1031 transaction.
“This unique residential project offers the buyer an opportunity to purchase safe, income producing assets in a growing market,” Monterroso said. “Our experience in 1031 exchanges allowed for a successful close and a smooth buyer experience.”
The seller, Hari Vision Unlimited, LLC, was represented by Benn Vogelsang of South Coast Commercial.
For additional information, you may contact Matt Monterroso (DRE Lic. #02073919), at email@example.com.
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.