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Rare Oceanfront MF Sale Completed in Ocean Beach
Mills Trust acquired an apartment building located on San Diego’s coastline in Ocean Beach. The three-story building consists of 16 units, and was sold by William R. Mundt Trust for $6.75 million.
The apartment building, located at 5101-5107 Narragansett Ave., was built in 1973, and is made up of studios, one, two, and three-bedroom floor plans.
Kidder Mathews’ Merrick Matricardi, Jim Neil and Eric Comer, along with ACRE’s Dylan Wright and Chris Saver, represented the buyer. The seller was represented by Mack Langston and Jan Sachs of Pacific Coast Commercial.
Matricardi says, “It is uncommon for an oceanfront property to become available on the market. This is only the fourth oceanfront apartment building over 10 units to sell in San Diego County in the last 20 years.”
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