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10/14/14
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Castle Park Garden, a 70-unit apartment property in Chula Vista, sold for $11.1 mil, or $158.6k/unit. The property, comprised of a 62-unit building with eight adjacent units, was sold by The Kreutzkamp 2000 Revocable Trust with Charles F. Kreutzkamp as trustee.
The 62-unit portion of Castle Park Garden is located at 272 Kennedy St, and the remaining eight units are next door at 251 Oxford St. The property features 32 one-bedroom/one-bath units, 30 two-bedroom/one-bath apartments, seven two-bedroom/two-bath units and one four-bedroom/two-bath apartment. Amenities include laundry facilities, a playground area and 100 surface parking spaces.
Christopher Zorbas, first vice president investments, and Jorge Jimenez, senior associate, both in Marcus & Millichap’s San Diego office, represented the seller in the deal. The buyer, Mark II LP, was also represented by Zorbas and Jimenez. The managing member for Mark II LP is Mark Covarrubias.
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