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Mission Hills MF Trades Hands in 1031 Exchange Downleg

A 24-unit apartment complex in the Mission Hills neighborhood of San Diego has traded hands. Located at 2810 Union St. and composed entirely of studio units, the property traded for $4.85 million. The buyer was 2810 Union St. LLC, and the seller was Goldman Family Trust.

Following the sale, the seller intends to complete a 1031 tax deferred exchange into a larger property, while the buyer plans a significant upgrade on the property that will include renovating and modernizing all 24 studio units, as well as adding photovoltaic panels on the roof. Prior to sale, new windows were installed throughout the building.

Cushman & Wakefield’s Ray Adams, Will Creagan and Clark Rorbach represented both parties in the sale.

Adams says, “This offering presented an ideal value-add opportunity for a desirably located property with secluded canyon views and surrounded by multi-million dollar homes.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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