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4/04/16
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Park East Apartments, a 56-unit residential complex in San Diego’s Hillcrest submarket, sold for $16.5 mil, or $295k/unit. The property is located at 111 West Pennsylvania Ave, east of San Diego International Airport and south of I-8.
Park East is a three-story complex, situated on a quiet cul-de-sac overlooking a tree-filled canyon with views of the San Diego Bay. The 36.4k sf property was built in 1969 and underwent a major renovation in 2008. The unit mix consists of one studio, along with one- and two-bedroom units.
There have been interior renovations to 47 of the 56 units that have included the addition of dark wood cabinets, stainless steel appliances, floating wood laminate floors, floor to ceiling windows and black granite counter tops. The community amenities feature a pool, barbecue, laundry facility, an outdoor entertaining area, fitness center, outdoor veranda and a clubhouse.
The property is located in the pedestrian-friendly neighborhood of Hillcrest and is in proximity to Balboa Park, more than 145 eateries, coffee shops and boutiques. There is also easy access to the Interstate 8, Interstate 5 and the 163 freeway.
Jim Neil, Eric Comer and Merrick Matricardi of CBRE represented the seller, Klingbeil Capital Management. The buyer, E&B Ranch Properties LLC, is based in San Diego and represented themselves.
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