SAN DIEGO, CA (August 19, 2021) — An apartment complex in the coastal community of Sunset Cliffs sold for $3.39 million on August 16, 2021, Commercial Asset Advisors announced.
The Del Mar Apartments is a two-story apartment complex of 6,310 square feet situated less than one block from the ocean, in the South Ocean Beach area of Sunset Cliffs.
Matt Monterroso and Mike Conger of CAA represented the buyer, IWP Capital, LLC. Through CAA’s comprehensive search and evaluation process, they identified the property as uniquely primed for reposition.
“We were able to identify the unique strategic addition to our client’s portfolio through a two-pronged approach,” Monterroso said. “Due to the property’s close proximity to the beach, our client will benefit from long-term appreciation. Secondly, due to deferred maintenance and below-market rents, there is an immediate value-add opportunity.”
Ideally located in a highly desirable, gentrifying location, the property is comprised of eight apartments – each with two bedrooms and one bath. The property address is 4911-4917 Del Mar Ave., San Diego, Calif. 92107. CAA added value for the buyer and increased investor return by identifying deferred maintenance through its streamlined due diligence process and negotiated a seller credit.
The seller was the Mills Trust (05-09-77), and the listing agent was Chris Sarver of ACRE Investment Real Estate Services.
For additional information, you may contact Mike Conger, CAA Principal (DRE Lic. # 01381193), at mike@caacre.com or Matt Monterroso (DRE Lic. #02073919), at matt@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.
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