April 4, 2016
A three-story, 56-unit multifamily complex in Hillcrest was sold by Klingbeil Capital Management to E&B Ranch Properties for $15.6 million. Park East Apartments, a 36,350-square-foot complex located at 111 West Pennsylvania Ave., was built in 1969 and underwent a major renovation in 2008.
The unit mix consists of studio, one- and two-bedroom floor plans. Interior renovations have been completed in 47 of the 56 units, including dark wood cabinets, stainless steel appliances, floating wood laminate floors, floor to ceiling windows and black granite counter tops.
CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the San Francisco-based seller. The San Diego-based buyer represented itself in the transaction.