SAN DIEGO, Calif. (Feb. 8, 2022) — A five-unit multifamily portfolio in the highly desirable community of Ocean Beach sold for a total of $2.249 million in multiple escrows, with the final closing taking place on January 21, 2022, Commercial Asset Advisors announced.
The subject properties total five units at a combined 2,531 square feet, and are comprised of two adjacent duplexes and one single family home, located on three parcels at 4781 and 4783 Long Branch Ave. and 2121 Sunset Cliffs Blvd. All of the units are tenant-occupied.
Brian Jenkins and Chris Bonar of Commercial Asset Advisors represented the seller, Linda Pennell-Williams. Teresa McElaney and Cameron Aldrich assisted with title and escrow services from Chicago Title.
“This was a great value-add opportunity to purchase in the growing coastal community of Ocean Beach.” Bonar said. “We were able to achieve a great price for our out-of-state seller, and ultimately allow them to exchange into property closer to home.”
CAA took the additional steps necessary to identify three strong buyers that generated premium price points through multiple escrows. Blake Ames of Coldwell Banker represented buyer Erik Tulumello for 2121 Sunset Cliffs Blvd.; Kimberly Schmidt of Compass represented buyer Adam Stein for 4783 Long Branch Ave.; and Patty Cohen of Berkshire Hathaway represented buyer NI Landing, LLC for 4781 Long Branch Ave.
“CAA is committed to delivering the best results and customer service we can for our clients,” Jenkins said. “This time, providing excellent service required going through the additional steps of splitting up the properties – which generated the best result for our client.”
CAA has represented multiple buyers and sellers in all product types this year all over San Diego County, demonstrating the firm’s ability to maximize values regardless of product type, location, or situation.
For additional information, you may contact Brian Jenkins, CAA Principal (DRE Lic. # 01814828), at brian@caacre.com or Chris Bonar, CAA Sales Associate (DRE Lic. # 02097389), at chris@caacre.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.