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Hillcrest Apartment Complex Sells for $16.5 Million

CBRE Group Inc. announced the sale of the Park East Apartments in Hillcrest for $16.5 million April 1.

CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the seller, Klingbeil Capital Management. The San Diego-based buyer was E&B Ranch Properties LLC and was self-represented, according to the news release from CBRE.

Park East Apartments is a three-story, 56-unit apartment complex built in 1969 that underwent a renovation in 2008. The 36,350 square-feet complex consists of studio, one and two bedroom units and 47 of the 56 units underwent interior renovations.

The property at 111 West Pennsylvania Ave. features a pool, barbecue, laundry facility, outdoor entertaining area, fitness center, outdoor veranda and clubhouse.

CBRE Group, Inc. is a commercial real estate services and investment firm headquartered in Los Angeles with more than 400 offices worldwide, including one in San Diego.

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