An apartment complex in Ocean Beach has sold for $3.39 million, a commercial real estate brokerage announced Thursday.
The Del Mar Apartments, a two-story complex less than one block from the ocean, includes eight two-bedroom apartments.
The Mills Trust, represented by Chris Sarver of ACRE Investment Real Estate Services, sold the 6,310 square-foot property. Matt Monterroso and Mike Conger of Commercial Asset Advisors represented the buyer, IWP Capital, LLC.
“Due to the property’s close proximity to the beach, our client will benefit from long-term appreciation,” Monterroso said. “Secondly, due to deferred maintenance and below-market rents, there is an immediate value-add opportunity.”
CAA officials added that they negotiated a seller credit due to the deferred maintenance.
The San Diego-based commercial real estate brokerage specializes in serving individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations.