PACIFIC BEACH - San Diego, CA (Feb 29, 2024) – Commercial Asset Advisors (CAA), a prominent real estate investment and advisory firm, is pleased to announce the successful sale of a four-unit apartment complex located at 1369 Pacific Beach Drive, San Diego, CA 92109. The property, nestled in the heart of San Diego's highly sought-after Pacific Beach neighborhood, was acquired for $2,850,000 on February 9, 2024.
The 4,448 square feet property consists exclusively of two-bedroom units, each featuring 1.5 baths, two-car garages, separate water heaters, washer/dryer hookups, and all necessary appliances, providing residents with an exceptional living experience. Its prime location, just a block away from the bay, adds significant value, offering a myriad of amenities for its tenants.
At the time of sale, the four-unit apartment complex was fully occupied at below market rent, presenting a unique value-add opportunity for future enhancements and rent adjustments. Brian Jenkins and Gino Kalasho of Commercial Asset Advisors represented the Buyer, American A-One Investments, while the Seller, Wallace Family 2004 Trust, was represented by Joseph Simenowski of Simenowski & Associates. The transaction was facilitated with the assistance of Robert Shaw and Cameron Aldrich from Chicago Title.
This transaction marks the successful completion of a 1031 exchange, significantly improving the Buyer's income, investment portfolio, and acquiring a premium multifamily location in the Pacific Beach area. American A-One Investments engaged CAA's services to navigate the 1031 exchange process and secure a well-positioned up-leg.
Brian Jenkins, Co-Founder of Commercial Asset Advisors, commented on the accomplishment, saying, "We are thrilled to have assisted the Buyer with this successful 1031 exchange transaction. Our team worked diligently to ensure that the Buyer's goals were met, and that the transaction was completed seamlessly. We are proud to have helped the Buyer improve their real estate portfolio."
Commercial Asset Advisors remains steadfast in its commitment to providing exceptional real estate solutions, even in challenging market conditions. This transaction serves as a testament to CAA's dedication to helping clients achieve their investment goals and expand their real estate portfolios.
Additionally, 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, contact:
Brian Jenkins, CAA Principal (DRE Lic. #01814828), at Brian@caacre.com
Gino Kalasho, Senior Vice President (DRE Lic. #02046687), at Gino@caacre.com
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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.