A family trust has completed the sale of a major piece of land that it has held on the 5000 block of Santa Monica Avenue in Ocean Beach. Total sales: $6.3 Million! Chunk
It was the Keen Family Trust that sold off its holdings, working via a successor bank trust.
First on the block – as we reported back in August – was the small, single-family house – nearly a hundred years old – and the 3 adjacent and separate rental units on Santa Monica Avenue – all right next to the Santa Monica mall. The old house – one-bedroom and one-bath – is at 5063 Santa Monica Ave. It sold for $675,000.
The three rental units are located at 5065-5059 Santa Monica – each with a side yard and parking in the alley. They were sold for $900,000, cash. They occupy a 7,000-square-foot lot.
Total price tag for the two properties: $1,575,000. They were all bought by Ku-Fong Tzung and Jean Tzung, trustees of the Fu-Kong & Jean Tzung Trust. Seller: U.S. Bank N.A., as successor trustee under the Keen Family Declaration of Trust Number One.
More recently announced was the sale of a the 22-unit apartment complex the Keen Family Trust had owned, located at 5041 – 5043 Santa Monica Avenue. The large site was purchased by Santa Monica Avenue Manager LLC, for $4.75 million. Marcus & Millichap Investment Services was the brokerage company representing the seller, – which again was U.S. Bank N.A., successor trustee of the Keen Family Trust.
So – all the property on the south side of the 5000 block of Santa Monica Ave – from 5041 through 5063 – has just changed hands, for a grand total of $6.3 Million.
News source: NBC 7San Diego