Kensington Multifamily Building Sells for $3.54 Million, CAA Announces
KENSIGNTON, San Diego, Calif. (March 15, 2023) – Commercial Asset Advisors (CAA) is proud to announce the successful sale of a seven-unit, 4,735 square foot multifamily building located at 4109 Park Place in the historic neighborhood of Kensington.
The sale was facilitated by Brian Jenkins and Todd Simonsen of CAA, who represented the seller, AZI Park Place I LLC, a California limited liability company. The sale was completed on January 13, 2023, with Suncoast Holdings Group, LLC, a California limited liability company, purchasing the property for $3,540,000.00. Philip Buckley of CBRE represented the buyer as the co-op agent in the transaction.
The property, which sits on a 5,971 square foot lot, is located along the primary retail corridor of Kensington, a neighborhood predominantly known for its single-family homes. Despite rising interest rates, Jenkins and Simonsen were able to achieve a price per door record for the area, demonstrating their expertise in navigating a steadily rising interest rate market.
Jenkins stated, "We were able to assist the seller in repositioning their portfolio by achieving this price. Kensington is a unique neighborhood where apartment complexes do not come around very often, making this sale even more significant."
The successful sale of this multifamily building marks another accomplishment for CAA, a leading commercial real estate firm with a strong reputation for delivering exceptional results for its clients.
CAA has represented multiple buyers and sellers in all product types all over San Diego County, demonstrating the firm’s ability to maximize values regardless of product type, location, or situation.
For more information on this transaction or to discuss your commercial real estate needs, please contact:
Todd Simonsen, Sales Associate (DRE Lic. # 02131564), at firstname.lastname@example.org
Brian Jenkins, CAA Principal (DRE Lic. #01814828), 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 1,500 sale and lease transactions totaling over $1.5 billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.